Q: Hello, Mom passed away without a will nor a beneficiary for her bank account.
I've been taking care of her in her home for 10 years (Alzheimer's), and my sister wants me to inherit the remaining funds in her bank account of less than $5000 and the family home, which has a reverse mortgage on it The loan on the house is at $320,000 and the house is probably only worth about $350,000, so there's not much profit there. But I may try to get a new mortgage to keep the house. My question is, Does it still need to go through probate and, if so, can I do it myself? What would be the first step? Also, is there some sort of form that my sister can fill out disclaiming any interest in an inheritance, or can she just write a letter and get it notarized? Thanks in Advance! Barbara
A: Since your mom’s total gross estate is valued at more than $150,000, you’ll need to probate the entire estate, including the home and the bank account. The cost of probate is at least $10,000. You really should find a probate attorney to help you through it. The existence of a reverse mortgage only adds to the complications already inherent in probate. Your sister can always disclaim her interest in the estate but then her share would pass to her issue if she has any. They too would have to disclaim their share of the estate before you could get it all. Disclaimers must be signed and delivered within nine months from the death of your mother to be effective. You really should have a lawyer help with that too. Mistakes can be very costly.
Nina Whitehurst and John B. Palley agree with this answer
A: Me Berge summed things up well. I would encourage you to find an experienced probate attorney as we could get the probate started right away as that is needed since the clock is ticking. Be sure you ask the reverse mortgage company, in writing, to delay starting a foreclosure. Reverse mortgage companies tend to move fast but they have rules to follow if you seek the protection. Delaying a foreclosure gives time to look into loan or sale options so you can decode what’s best for the house. As for your sister I’d have her do an assignment as in most cases that’s better than a disclaimer. Especially here where she is giving away so little of an actual gift (her share of equity in house). My condolences on your loss. -John Palley
Nina Whitehurst agrees with this answer
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