QUESTION
How do I become beneficiary and handle the financial affairs?
Asked on Nov 18th, 2014 on Estate Planning - California
More details to this question:
My mom has passed but there's no beneficiary. She wasn't remarried and our dad has passed. There are two siblings. The elder one is in a mental institution for the criminally insane. My mother left her house which is upside down. Can I keep it?
4 ANSWERS
Civil Litigation Attorney serving Ventura, CA
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The Law Office of Robert I. Long
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You can keep it until you can't keep it, so long as your possession is lawful in the first instance; e.g., you were already living in the house when mom died. The lender may have an equitable claim against you for the fair value of your use, and certainly for any wanton damage (waste), but lenders rarely pursue those claims if there is no clear indication amounts awarded would be recoverable, commonly referred to as not throwing good money after bad.
Answered on Dec 19th, 2014 at 6:36 PM
Edwin K. Niles
If mom didn't have a trust, probate would be necessary in order to pass title. If the property is upside down, you might want to consider just living there (or renting it out) until the lender forecloses, which might be stretched out for a year or so. If you decide to keep the property, you should see a lawyer familiar with probate.
Answered on Nov 21st, 2014 at 5:33 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Obtain the services of a probate lawyer to probate her estate, if any, and have you appointed administer; yes you can keep the house if you continue to pay the mortgage, unless the bank wants you to refinance the mortgage.
Answered on Nov 19th, 2014 at 11:03 AM
2 Awards
You need to speak directly with an attorney to discuss the specific facts of your case. You may need to file for probate if you want to keep the house.
Answered on Nov 19th, 2014 at 11:02 AM