QUESTION

Hi, can my husband and I leave our single home to our son (German/Norwegian, living in Norway)? If yes, even if there is still mortgage to pay? Regar

Asked on Jul 19th, 2017 on Wills and Probate - Georgia
More details to this question:
Or could our son buy our residential property before we passed away? We want to make sure he get it. What options do we have? Best regards Ruediger and Martina Richter
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1 ANSWER

Wills Attorney serving Alpharetta, GA
4 Awards
Assuming you are in Georgia and your home is based here, then yes, you can leave it to your son even though he is in Norway, and even if you still have an outstanding mortgage. However, the mortage will need to be paid off after you and your husband are deceased unless your son happens to already be listed as a borrower along with you two. If there are other assets that you leave to him, then he can use those assets to pay off the mortgage, or he can sell the house to a third party from the estate and use the sales proceeds to pay off the mortgage (assuming the mortgage balance isn't more than the house is worth), or he can get the house transferred to his name and get a new mortgage to pay off the existing mortgage. There are options. I generally would not recommend that he buy the house from you right now, because that generally just creates other complications. The best thing for you and your husband to do is ensure that you have appropriate estate planning documents in place (usually, at a minimum, that means a Will for each of you, a Power of Attorney for each of you, and an Advance Directive for Health Care for each of you). The estate planning process includes figuring out the best way for you to pass your assets to your son and any other beneficiaries you may want to include, along with addressing a number of other potential issues.
Answered on Jul 20th, 2017 at 8:08 AM

This answer is being provided as general information and not as legal advice. No attorney-client relationship is created by this answer.

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