Rockwall, TX asked in Estate Planning for Texas

Q: Tx can I be executor of an estate & beneficiary? Can I purchase the home if it still has a mortgage as exec of the estat

My parent passed recently and I am the only child (no step or half siblings) & per the Will I am to inherit the house (which still holds a mortgage in parent name alone) & the parent was not married. Can I be executor of the Will & beneficiary? Can I purchase the home from myself? How do I do this? The home is worth more then the amount owed and I want to keep the house desperately.

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1 Lawyer Answer
John Michael Frick
John Michael Frick
  • Frisco, TX
  • Licensed in Texas

A: Yes, you can be both the beneficiary and executor under a Will.

There is no reason for you to purchase the home from yourself. Probating the Will vests title in you as the sole beneficiary of your parent's Will. Of course, if you don't pay the mortgage, the lender has a deed of trust and can foreclose on the mortgage. In most instances, you cannot be required to refinance the mortgage in your name. As long as you timely pay the mortgage and see that all of the obligations under the loan are completely satisfied, the lender cannot exercise its rights under its deed of trust. Once the loan is paid off, the lender would then be required to release its deed of trust.

Penny Wymyczak-White agrees with this answer

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