Legal Question in Wills and Trusts in New York

Property

I have a condo in my name in Florida - my parents live in it, although I reside in New York - condo is not fully paid up yet - I want to make sure my parents are owners or take over payments of condo, not my husband in case of my death. Could I specify this in a will such as allocating any monies that I have to pay off condo and the rest to my husband?


Asked on 10/01/01, 2:09 pm

1 Answer from Attorneys
Norman Nadel Norman Nadel, Esq.

Re: Property

There are several ways to handle this.

Your Will can earmark sufficient to satisfy the mortgage and the condo, free and clear, goes to parents (maybe to parents for life and then to husband or children).

A life insurance policy keyed to the mortgage would make sure that mortgage is paid.

Your Will could give the condo to your parents provided they assume the mortgage obligation.

Any combination of above.

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Answered on 11/07/01, 8:49 am


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