Executing a will

[amchandl]

What is the name of your state? North Carolina


There are 3 executors of my father's will, me and my 2 brothers. What is the procedure for executing the will? Our attorney says that it has to sit for 3 months, but then what?

 

[seniorjudge]

What is the name of your state? North Carolina


There are 3 executors of my father's will, me and my 2 brothers. What is the procedure for executing the will? Our attorney says that it has to sit for 3 months, but then what?

After the time period for paying off all creditors, lawyers fees, court costs, etc., then everything that is left over will be distributed to the heirs.

 

[seniorjudge]

Get a title report run by a local title company to see who owns what on the real estate.

https://forum.freeadvice.com/showthread.php?p=1298080&posted=1#post1298080

 

[amchandl]

Executing the will

There was a loan owned by my father-in-law and his son as co-borrower. Will the estate be responsible for the loan, or will it default to the co-borrower?

 

[seniorjudge]

There was a loan owned by my father-in-law and his son as co-borrower. Will the estate be responsible for the loan, or will it default to the co-borrower?

Probably son (depends on how it is written). If son doesn't pay the bill, then the lender will sell the place at the courthouse steps.

 

[amchandl]

?

Will the co-borrower, if responsible, have to pay off the entire loan, or just take over the payments? How can we tell whether or not the loan was written so that the co-borrower will have to take the loan over or not?

 

[seniorjudge]

Q: Will the co-borrower, if responsible, have to pay off the entire loan, or just take over the payments?

A: Same thing.


Q: How can we tell whether or not the loan was written so that the co-borrower will have to take the loan over or not?

A: Ask the lender. Also, whoever signed the promissory note is responsible for the payments. From everything you have posted, the "co-borrower" (the better term is borrower) is responsible for the payment. Otherwise, the land will get sold out from under the owner(s).