Legal Question in Wills and Trusts in New York
can an estate be settled without selling a mortgage free home?
3 Answers from Attorneys
Yes, the home can be distributed to the beneficiary or beneficiaries.
Was there a named beneficiary or beneficiaries of the home in the will? Was there a will at all directing how the home should be handled? How many beneficiaries are there to the property? The short answer is yes, but if there are multiple beneficiaries then it is possible that one may not want to keep their share of the house. If this is the case, in New York, you can ask the court to partition the property, which basically allows you to buy out their share. But for the purposes of settling the estate, it can be distributed.
Disclaimer: This answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.
The house does not have to be sold unless the estate is insolvent, there is not enough money to make distributions or the will requires that the property be sold.
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