What to do about a mortgaged house that is in an estate?

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What to do about a mortgaged house that is in an estate?

I have enough money in the estate account to cover the mortgage. Do I have to pay off the mortgage and put home in the beneficiary’s name or can I wait until the house is sold?

Asked on March 13, 2011 under Estate Planning, New Jersey

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am so sorry for your loss.  May I suggest that you get some legal advice from an attorney who can look at the entire estate holdings and guide you?  Generally speaking I do not think that it is a good idea to wipe out an estate account.  Also, you really have not given any information as to the details of the Will and the wishes of the decedent as to the distribution of the assets.  And the information you do give conflicts: is the house to be sold or is it to be transferred to someone as per the Will?  If you are selling it then you do not need to transfer it until it is sold (and you would not do it twice and incur debt for the estate twice with legal fees, etc.).  Get help.  Good luck.


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