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Meeting with hospice today...need to tie up loose ends AZ

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sscrip

Junior Member
What is the name of your state (only U.S. law)? Arizona
My mom is meeting with hospice today. She has a will which names me as executor of her estate which isnt much. She owns a home but there is still a substantial mortgage on it. In her will she says that I have the choice to stay in the house or to sell it. If I chose to sell it the equity is to be split between my brother and I. The pool at the hose is empty and has been for years so I do not think selling it is an option right away. I currently live with her and care for her. My question is... If I decide to stay in the house, Do I just continue to pay her mortgage? Can I claim those mortgage payments on my taxes next year? I am currently not on the title or the mortgage. What do we need to do to tie up loose ends?
 


OHRoadwarrior

Senior Member
You can continue to live there but as you do not appear to have a valid life estate, it appears the judge will most likely decide you must pay all expenses during your stay. On the other hand, by selling, you pay of the bank and split the difference.
 

sscrip

Junior Member
You can continue to live there but as you do not appear to have a valid life estate, it appears the judge will most likely decide you must pay all expenses during your stay. On the other hand, by selling, you pay of the bank and split the difference.
I planned on paying all expenses to stay. My fear is that I will not be able to sell the house as is because it is in a state of disrepair. I was hoping that over the next few years I could use any money from claiming the interest on my taxes to fix it up. Thank you for your response though. Have a blessed day.
 

OHRoadwarrior

Senior Member
You need to have it appraised now. I would buy out the equity of your brother as is. Otherwise he could benefit from your labors.
 

sscrip

Junior Member
You need to have it appraised now. I would buy out the equity of your brother as is. Otherwise he could benefit from your labors.
Thank you for the suggestion. She has asked about using a quitclaim deed to transfer the property to me. Would you reccomend that?
 

John Se

Member
many options, but you dont just want to leave it named in a will

Put it on the market and sell it as is, empty it as much as possible, disclose the defects and move on. Or put the house in a trust so you don't get tied up whatever you plan to do with probate. Or your mother could sign a beneficiary deed. That would keep it out of probate too. You and your brother could be tenants in common.
 
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sscrip

Junior Member
Mom did a beneficiary deed naming me as the sole beneficiary. I was under the impression that this negates the need for probate. Am I correct?
 

John Se

Member
looks like your all set

the house is yours following her passing, you are on your honor to split the proceeds.
 

sscrip

Junior Member
I plan to stay in the house. I will set up a beneficiary deed naming my brother and my daughter so that in the case of my demise my mom's wishes are carried out. Thanks
 

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