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mom died without a will

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vangogo

Junior Member
What is the name of your state? Colorado

A friend of mine's mother died early last year. She was not married, but she had 4 children, ranging in age from 25 to 17. Since there was no will in place, it is my understanding that the house would be part of her assets, which would be passed on to her children. The mortgage is currently in her name and her 4 descendants have been struggling to make the mortgage payments every month.

Two scenarios:
1st- The descendants decided to sell the house...how would this work since it is still in the mother's name?
2nd- The descendants walk away and make no further payments on the house. Consequences?

Any help would be appreciated as I am not an attorney myself and the descendants, being so young, have no money to spend on one! Thanks!
 


seniorjudge

Senior Member
1st- The descendants decided to sell the house...how would this work since it is still in the mother's name?

A: Ma's estate needs to be probated.


2nd- The descendants walk away and make no further payments on the house. Consequences?

A: Probably none to y'all, as long as you don't take any other assets out of the estate.




By the way, the correct term is heirs and not "descendants". Big difference.
 

vangogo

Junior Member
Thank you for correcting my terminology on heirs vs. descendants.

One more thing...each heir received a portion of the life insurance settlement. If they chose scenario #2 (walk away), would the bank be able to require them to pay those monies toward the mortgage or any other expenses associated with the estate? I know all bank account and assets in the mother's name would end up going to the bank, but I'm not sure about any monies already paid out from life insurance?

Thanks!
 

seniorjudge

Senior Member
Q: One more thing...each heir received a portion of the life insurance settlement. If they chose scenario #2 (walk away), would the bank be able to require them to pay those monies toward the mortgage or any other expenses associated with the estate? I know all bank account and assets in the mother's name would end up going to the bank, but I'm not sure about any monies already paid out from life insurance?

A: Generally, life insurance proceeds do not go through an estate unless the estate is made the beneficiary (stupid, but I have seen people do it). So who was/were the beneficiaries of the life insurance policy? If it was the heirs, then you have nothing to worry about. If it was the estate, then that money must be used to pay the bills.
 

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