What hppens if my grandmother and I have a house each holds one half with a mortgage and she passes away?
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What hppens if my grandmother and I have a house each holds one half with a mortgage and she passes away?
She has in her Will that what she invested into the house $35,000 needs to be divided up between us 3 grandkids. I make the mortgage payment just wondering what would happen if she passed away to her and my half interest in the home?
Asked on May 3, 2013 under Estate Planning, Iowa
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
If you are making all of the mortgage payments on the home that you are writing about you can surcharge your grandmother's estate for one half of the mortgage payments over the time that you have made them by making a creditor's claim to the estate for repayment of her one half share with accrued interest.
Her one half share then gets divided up amongst the three grandchildren where you would end up with two partners in the unit. You might consider buying them out or selling the unit after your grandmother passes.
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