Legal Question in Wills and Trusts in West Virginia
WV will/mortgage
My Father stated in his will that I have the right to purchase his property from my two siblings and Mother for an amount less than the current mortgage owed on the house. I am willing to pay this amount that is the current mortgage with my Mother's name on it, but my concern is about the credit card debts. Can they still come after this property. He had no other assets. At the time of the will the property was valued lower than it would be appraised for now but, all parties named in the will are okay with leaving the original amount. We have also had a deed of trust and living estate drawn up between my Mother and I to file after probate. Is this a step in the right direction?
1 Answer from Attorneys
Re: WV will/mortgage
Real estate is not administered by the executor unless directed to do so by the will or if it is necessary to petition the court to sell the real estate to pay the claims of the estate. Not all creditors file claims. A lawyer can manage the matter of timing and filing to realize the best result for the heirs and to work up the appropriate documents for the transactions you describe. Take note that many, perhaps most, deeds of trust include death as an event of default and would allow the lender to accelerate the note. With a surviving spouse they may not be interested to do so. Of course, that lender of others may refinance. Refinance will probably require closing of the estate prior to finalizing the transaction because of the possibility that an estate lien creditor could end up with priority over the lender. Thus you need to see a lawyer to fully administer the estate prior to or in connection with the sale transaction.
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