Legal Question in Wills and Trusts in New York
Debt transfer after death
My Mother transferred title to her property in the Adirondacks to me last September using a Warranty deed, so that she could live there for the rest of her natural life. Unfortunately, her life ended in February of this year. My Mother maintained a mortgage (for a renovation that was done several years ago) in order to receive the tax write-offs. My question is this, does her debt on the property transfer to me, because I am the owner of the property, or does it transfer to the estate for payment by the estate?
Thanks so much for your help!
2 Answers from Attorneys
Re: Debt transfer after death
The provisions of your Mom's Will govern whether or not the debt is to be paid from her estate. In no event will you become personally liable for the mortgage debt, but the mortgage debt remain as an encumbrance on the real estate and if there is a default in the payment of the debt, the holder of the mortgaged can foreclose.
Re: Debt transfer after death
Adding to Norman's answer, is there anything about this in your Deed, or did the Deed merely make you the owner of the property? He is correct that the Will may cover this, but if both the Deed and Will are silent on the subject, anticipate some flak from other heirs if you get the property and try to hit them to pay the mortgage from remaining estate assets. I would need to see both documents to provide a complete answer.
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