If you have been named the beneficiary of a loved ones property or assets and you have questions, please contact The Legacy Lawyers. To set your appointment right away, please call us at: (714) 963-7543. You will not get the typical law firm feel from our office. We are different. Our systems are designed to save you time, to save you money, and to put you in control. The Legacy Lawyers are dedicated to your peace of mind.
You may be excited to learn that a relative has left you their home or other real property in their will, but what happens if that property has a mortgage on it? First, you must determine if the estate will pay the mortgage with estate assets. Many wills provide that debts of the deceased are to be paid by estate assets, which means you could obtain title to the property free and clear of any liens or debts attached to it. If this is the case, you must take steps to ensure that the deed to the property is properly transferred into your name, free of any encumbrances. And remember, once you are the owner of the property, you are responsible for paying the taxes on it.If the estate does not have sufficient assets to pay the mortgage, you should determine whether you can assume the mortgage and continue making the monthly payments on it, refinance the mortgage in your own name, or assess the amount of equity in the property that you will inherit. All of these options can involve some tricky legal issues, so you should confer with a knowledgeable estate litigation attorney.