QUESTION
Can the property be left to his surviving children?
Asked on Apr 29th, 2013 on Estate Planning - Michigan
More details to this question:
My father put up his home and property as bond for a younger brother’s bond. He is on home confinement for the next five years-he took a plea deal. My father has now passed away and I as the executrix of his estate need to make decisions regarding the property. His bond is still tied to the property.
10 ANSWERS
Real Property Attorney serving Utica, MI
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Douglas A. Tull, P.C. Attorney at Law
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Most likely you can't convey clear title to the property - not till the bond conditions are satisfied or you can find buyer willing to take that risk.
Answered on May 03rd, 2013 at 1:34 PM
Thomas Edward Gates
Once the bond terms are completed, the property may be distributed to the beneficiaries.
Answered on May 02nd, 2013 at 1:10 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Obtain the services of a probate litigation lawyer; a bond is like mortgage, in that house is security for the bond, leaving the residence with no value to probate. A probate lawyer will be able to advise you in this regard; you may be able to negotiate a cash security for the bond.
Answered on May 02nd, 2013 at 12:55 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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First of all, the decision as to who your father's estate is left to, was your father's and is in his Will, and if no Will, it passes by intestate statute. If there is a lien on the house, it goes with the home.
Answered on May 02nd, 2013 at 12:21 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Probably. Check with your lawyer.
Answered on May 01st, 2013 at 10:25 PM
Without knowing all the details, you probably can pass the estate to the beneficiaries, but the assets will still be subject to the bond. Have an attorney review the bond and other documents and facts.
Answered on May 01st, 2013 at 10:22 PM
2 Awards
You will have to negotiate with the bond company. They will gladly release the lien on the property if the bond gets paid in cash. If you cannot do that you can negotiate with them to cooperate in escrow such that the lien gets paid back out of the proceeds from the sale.
Answered on May 01st, 2013 at 10:22 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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The bond acts as a lien against the house, and will stay there until the bond is released. Talk to the lawyer who represents your brother. He/she should know when that will happen.
Answered on May 01st, 2013 at 10:17 PM
The property belongs to your father's estate, subject to the bond filed against it. You will not able to close the estate without making some alternate arrangements with the bond. This is because you cannot transfer the property without the bond company's consent. For further guidance, contact a lawyer specializing in estate settlements.
Answered on May 01st, 2013 at 10:09 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You need to see an attorney for counsel on a number of issues raised.
Answered on May 01st, 2013 at 10:07 PM