My mother recently passed away and her only asset what a house with a mortgage, how can I avoid the cost of probate?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
My mother recently passed away and her only asset what a house with a mortgage, how can I avoid the cost of probate?
She named me sole beneficiary on her insurance policy. To my knowledge she never formally completed a Will. She has minimal assets 55K as her car is paid for and I am making payments on the home. She was receiving SSI benefits etc. I’ve looked at probate and the costs seem prohibitive considering the assets she left behind. I plan on maintaining the home but a probate finding should not supersede the loan agreement. How should I proceed?
Asked on May 13, 2015 under Estate Planning, Ohio
Answers:
Christine Socrates / Christine Sabio Socrates, Atty at Law
Answered 9 years ago | Contributor
If the home is titled in your mother's name alone, then you cannot avoid the probate requirement. In order to tranfer the home, the mortgage would need to be either paid or assumed by yourself or another beneficiary. Or also can be sold to an outside party. This is also true for the car. If your mother did not have a will, then the laws of intestate succession will dictate who inherits her probate assets, this would not include the insurance policy or other assets that are jointly held or have beneficary designations. If you have further questions or need assistance, please contact my office at: www.socrateslegal.com. Good luck!
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.