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Three On the Mortgage |
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my husband and I purchased a home with my mother. all three names are on the mortgage. now my mother is in the hospital and she has told me she does not have a will. if she dies, wll we have to go to probate court? |
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You don't say if three names are also on the deed. If they are, you might just automatically become full owners when your mother dies, or you might not. It all depends on how your names are written in the deed. If you are "joint tenants with right of survivorship" you and your husband would remain as the only owners. If you are "tenants in common" or it doesn't say anything about how you are co-owners, then -- again -- it all depends. Your mother's share would go according to her will if she had one. As she doesn't, it would go according to state law and if she has a husband or other children they might have claims to it.
As for probate -- when someone dies, no matter how simple their finances, a lawyer should always be consulted to see if anything needs to be done. |
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Edith
Originally published on February 1, 2008 |
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