Louisville, CO asked in Estate Planning for Oklahoma

Q: Can I write my own will, leaving my estate to my children and my executrix? It is mortgaged.

My posterity: 2 children, 9 grandchildren, 6 great grandchildren to date.

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1 Lawyer Answer

A: You can. But the mortgage won't go away. It will have to be paid one way or another. Your devisees will either have to refinance to replace the existing mortgage with a new one on which they are obligated; assume the existing debt obligation (if the mortgage company will allow it); or let the house go to back to the mortgage company to satisfy the debt.

You should strongly consider using an attorney to draft your will. It's not that expensive (or you're talking to the wrong lawyer). You should also have a Durable Power of Attorney in place. Without a durable power, if you become incapacitated (stroke, major illness, dementia, infirmity, accident), your family will have to petition the court to be made guardian or conservator over you and your property and to have the authority to deal with the government (Social Security, Medicare, Medicaid, IRS, etc.) and banks and insurance companies and the like on your behalf. Guardianships are expensive and time consuming difficult for the family and unnecessary. You can avoid this by simply having a durable power in place.

For not much money, an attorney in your area can draft both for you and see to it that they are properly drafted and properly executed. If you use a will kit, you may make a mistake that voids the whole instrument. Many lawyers offer free initial consultations. Good luck.

PS: My comments here are for general information purposes only and are not advice about your specific situation nor the applicability of any particular law. They are not offered to create nor do they create an attorney-client relationship.

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