If a relative dies and leaves me her home. I am her niece but she left a living will with her wishes for me to have the home and a my name is principal on the mortgage, will it have to go probate before I can sell.
2007-04-03 08:04:20 · 3 answers · asked by mjda4795 2 in Business & Finance ➔ Renting & Real Estate
I'm not a New York lawyer, but do you mean a Trust when you say "living will"? If the property is held in trust, then if on aunt's death you are the beneficiary, then probate is not needed. But if it is pursuant to a will, then probate would be needed, at least in my states.
2007-04-04 16:17:03 · answer #1 · answered by DLeibowitz 5 · 1⤊ 0⤋
A living will relates to medical care.
If she is on the deed, her estate must be settled before you sell. That is because if she has outstanding debts, they must be paid from any assets she has. If her assets do not cover her debts, then the asset in the house goes to her debts before you.
2007-04-03 15:09:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Probate should not be necessary with a legal will allocating distribution of assets.
2007-04-03 15:09:53 · answer #3 · answered by Piggiepants 7 · 0⤊ 0⤋