Steve Matrix
Member
Hello,
I have an estate issue and I’d tremendously appreciate any insight.
My parents both made wills in 1989 naming me as sole beneficiary after their passing “item #3” on the simple, one-page wills; I do have a sister who has not been much of a daughter to my parents since she left home in her late teens. My beloved father passed in August and my dear mother passed in my arms on Wednesday. I had been care-giving my father since 4/18 - 8/19 and my mother emotionally since day one and physically since 4/19 as she fell and became 100% dependent both by myself with no help 24/7. I am wholly devastated and still in shock about my mother’s completely unexpected passing. In preparation to secure my living situation today, I just discovered that I do not appear as executor of the two wills, although I am the sole beneficiary.
Back in 2008 my wonderful and beloved parents took out a mortgage on a home in which I have been living to date, as I could not qualify at the time due to a horrendous business dissolution and the accompanying abysmal credit (I paid the mortgage monthly however). Just before, I had to give up a home I’d purchased just 2.5 years earlier due to said devastating dissolution; my amazing parents felt for me and wanted me to have a home again. At the time when my parents took the mortgage about which I am referring, we collectively considered that someday the property could also serve as a residence for them should they become disabled – under my sole care; such had been the case over the last two years.
My father made me sole beneficiary of his life insurance with the expectation that I would take care of mom and purchase the home for my future security. Late last month I paid off the mortgage (low 6 figures) using some of the insurance money with the anticipation of the local abstract / title company to do a “deed only” transfer as the proprietor was able to title search through her network; the property had a clean title. The abstract woman told me to email her the receipt of pay-off and my information and she told me she would do the transfer within two weeks after obtaining signature from my then living mother. Somehow the abstract woman dragged her feet (the computers are down, yada yada) and didn’t complete the process before my dear mother’s passing.
As a generous attorney told me quickly over the phone today, I would need to go the surrogate’s office in the county where the wills were drawn and apply for estate administration. The problem is that I just paid off the mortgage in full and the home is now an unencumbered asset, which could end up liquidated to pay off all of my parent’s considerable debts. I fear I will lose both the home and my 100,000+ cash to paying their debts once the estate admin rights are granted. I desperately called the mortgage holder and requested a refund. I was told it was possible, a work order was initiated and I would receive a letter in about two weeks letting me know whether it is doable and what to do next; it seemed to be positive.
If the refund is doable (I am uncertain as the loan agent at the mortgage company told me the recorder’s office was already notified about the payoff) I will simply resume paying the monthly mortgage by phone and again pay off the balance after it can be bequeathed to me.
Is there anything I can do to protect myself in either case:
(1) I cannot get the pay-off refund.
(2) I get the refund and resume mortgage payments. Will liens be placed on the property or will I be forced to pay any of my parent’s debt in accepting the mortgaged home (primary residence now)???
Thanks for any help so much!
Steve M.
I have an estate issue and I’d tremendously appreciate any insight.
My parents both made wills in 1989 naming me as sole beneficiary after their passing “item #3” on the simple, one-page wills; I do have a sister who has not been much of a daughter to my parents since she left home in her late teens. My beloved father passed in August and my dear mother passed in my arms on Wednesday. I had been care-giving my father since 4/18 - 8/19 and my mother emotionally since day one and physically since 4/19 as she fell and became 100% dependent both by myself with no help 24/7. I am wholly devastated and still in shock about my mother’s completely unexpected passing. In preparation to secure my living situation today, I just discovered that I do not appear as executor of the two wills, although I am the sole beneficiary.
Back in 2008 my wonderful and beloved parents took out a mortgage on a home in which I have been living to date, as I could not qualify at the time due to a horrendous business dissolution and the accompanying abysmal credit (I paid the mortgage monthly however). Just before, I had to give up a home I’d purchased just 2.5 years earlier due to said devastating dissolution; my amazing parents felt for me and wanted me to have a home again. At the time when my parents took the mortgage about which I am referring, we collectively considered that someday the property could also serve as a residence for them should they become disabled – under my sole care; such had been the case over the last two years.
My father made me sole beneficiary of his life insurance with the expectation that I would take care of mom and purchase the home for my future security. Late last month I paid off the mortgage (low 6 figures) using some of the insurance money with the anticipation of the local abstract / title company to do a “deed only” transfer as the proprietor was able to title search through her network; the property had a clean title. The abstract woman told me to email her the receipt of pay-off and my information and she told me she would do the transfer within two weeks after obtaining signature from my then living mother. Somehow the abstract woman dragged her feet (the computers are down, yada yada) and didn’t complete the process before my dear mother’s passing.
As a generous attorney told me quickly over the phone today, I would need to go the surrogate’s office in the county where the wills were drawn and apply for estate administration. The problem is that I just paid off the mortgage in full and the home is now an unencumbered asset, which could end up liquidated to pay off all of my parent’s considerable debts. I fear I will lose both the home and my 100,000+ cash to paying their debts once the estate admin rights are granted. I desperately called the mortgage holder and requested a refund. I was told it was possible, a work order was initiated and I would receive a letter in about two weeks letting me know whether it is doable and what to do next; it seemed to be positive.
If the refund is doable (I am uncertain as the loan agent at the mortgage company told me the recorder’s office was already notified about the payoff) I will simply resume paying the monthly mortgage by phone and again pay off the balance after it can be bequeathed to me.
Is there anything I can do to protect myself in either case:
(1) I cannot get the pay-off refund.
(2) I get the refund and resume mortgage payments. Will liens be placed on the property or will I be forced to pay any of my parent’s debt in accepting the mortgaged home (primary residence now)???
Thanks for any help so much!
Steve M.