My question involves estate proceedings in the state of: North Carolina
Hello, my wife had a question about her mother's will/estate in the event she passes away in the next few years. She has 4 siblings one of which is on the deed to her mother's house. Her mother bought the house one year ago. Her mother took out a loan for 90% of the value of the house for a 30 year mortgage. She stated she would put her adult son on the deed so in the event of her death, he could continue payments on the house and have the house.
Even if it were possible for him to continue payments on the mortgage, he won't pay his own electric bill now. There's no reason to believe he would suddenly grow up and start paying his bills at the time. He is 50 now.
My wife's question is if her mother's will designates x amount of the estate to her and her other siblings, would the estate have to pay off the mortgage on the house? What would the options be?
Hello, my wife had a question about her mother's will/estate in the event she passes away in the next few years. She has 4 siblings one of which is on the deed to her mother's house. Her mother bought the house one year ago. Her mother took out a loan for 90% of the value of the house for a 30 year mortgage. She stated she would put her adult son on the deed so in the event of her death, he could continue payments on the house and have the house.
Even if it were possible for him to continue payments on the mortgage, he won't pay his own electric bill now. There's no reason to believe he would suddenly grow up and start paying his bills at the time. He is 50 now.
My wife's question is if her mother's will designates x amount of the estate to her and her other siblings, would the estate have to pay off the mortgage on the house? What would the options be?
Estate Assets and Debts: Mother Put Son on Deed, but Not Loan, How is Estate Settled (Nc)
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