I want to leave 50,000 to my daughter specifically to pay her mortgage.

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I want to leave 50,000 to my daughter specifically to pay her mortgage.

I am from Pennsylvania. I want to leave my daughter 50,000 specifically to pay
her mortgage. Whatever is left, she can spend as she sees fit. What is the best
way to do that?

Asked on January 16, 2019 under Estate Planning, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

You can have a will which states something to the effect of "To my daughter [insert name], I leave $50,000.00 but direct the executor of my will to use this money to pay any remaining principal balance on my daughter's mortgage. Any amount remaining from the $50,000 after paying the principal balance of the mortgage shall be distributed to my daughter." The executor will then be obligated to make the payment for your daughter, and only release any surplus to her. To best do this, name someone other than your daughter as executor, so your daughter will not control the use of the money.


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