What is the best way to assure that my wife, son and I get to take over the mortgage when my mother passes?

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What is the best way to assure that my wife, son and I get to take over the mortgage when my mother passes?

Getting it written in the Will that she wants us to stay here and pay the mortgage is the first thing we’ re doing. Should we be added to the mortgage deed as well before she passes?

Asked on July 8, 2014 under Estate Planning, California

Answers:

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

Answered 6 years ago | Contributor

You should really speak with some one in person about estate planning here.  It is a great idea but not one that lends itself to this type of forum.  If there is a mortgage on the property then the instrument probably precludes you from adding your names to the deed with out triggering the "due on sale" clause. So leaving it to you in the Will is one way to get it.  That is the exception to the due on sale clause and you can transfer the property then and continue to pay the mortgage until it is paid off. But then there are tax issues.  Maybe ask about a trust. Good luck.


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