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I would like to ensure that my wife can take over our home mortgage if I die unexpectedly. She is not currently a co-signor or co-owner of the property, and we do not have an estate plan in place yet. I have a life insurance policy that could help cover the mortgage. What steps should I take?
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answered on Mar 16, 2025
Under federal law, when a home loan borrower dies and the house is inherited by a family member, such as a spouse, the lender may not call a loan due or force the family member to assume the loan. All your wife will need to do is notify the lender that you have passed and that she has inherited... View More 
I need clarification on who inherits John's 1/3 share as a beneficiary per stirpes since John predeceased the grantor and has no descendants. The will does not specify what happens, and there are surviving beneficiaries. The estate is located in Illinois.
I have a Transfer on Death Instrument that states: 'Upon my death, the described real estate shall be Transferred, Conveyed, and Quit Claimed to the designated beneficiaries in equal shares, per stirpes, to my friend H and Y, as tenants in common.' Does this language mean my friend H is... View More
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answered on Feb 27, 2025
No, that devise is to both H and Y at the same time when the grantor dies.
I have been approached by a lawyer representing my stepmother regarding my deceased father's estate, who resided in Georgia. She wishes to be the sole executor of the estate, and I have been asked to either sign a document indicating no objection or not respond if I do not care. My concerns... View More
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answered on Feb 25, 2025
You will need to consult with a GA probate attorney. You can start here on Justia. It does no sound like the Will would benefit you at all, so you may prefer for Father to die intestate.
I received a 1099 from Physicians Mutual coded as a Code 4, showing that I owe taxes on $34,000 from an annuity that was in my late spouse's name, with me as the beneficiary. She passed away in February 2024. I used a 1035 exchange to transfer the annuity to Lincoln Financial in my name, but... View More
I have about $3 million in assets traceable to before my marriage, and an additional $3 million in marital assets that are titled in my name. To stay under the $4 million limit for Illinois estate tax per person, I am considering transferring $2 million of the marital assets to my spouse’s... View More
My parents named my brother and me as co-executors of their will, and all their property is in an irrevocable trust, with my brother and me as beneficiaries. The assets are to be divided equally between us, and my mother, who is still living, believes she cannot make any amendments due to the... View More
My adult son recently passed away without a will. He was the sole owner of a house that his mother quitclaimed to him. He did not have a spouse or children. He is survived by his sister, two brothers, me (his father), and his mother (we are divorced). What will happen to his estate, particularly... View More
answered on Feb 16, 2025
According to the Illinois Compiled Statutes (ILCS)
(755 ILCS 5/2-1) (from Ch. 110 1/2, par. 2-1)
Sec. 2-1. Rules of descent and distribution. The intestate real and personal estate of a resident decedent and the intestate real estate in this State of a nonresident decedent, after... View More
My mother died on 12/19/24. My sister who hsa her POA over her finances refuses to give me any information regarding her estate. I know i am entitled to half. How can i go about getting my half of the estate? I do not know if my mother had a will or not. She refuses to provide me this... View More
answered on Jan 29, 2025
The POA died with your mother. If there is a will, it should be filed with the circuit clerk of the county she lived in within 30 days of her death. You can get a copy there. Do you know who the lawyer would have been that drafted poa's and maybe a will? If so, check there to see if they... View More
We both would like to start with our will. Him being 73 y/o, and I am 63. We need assistance in how we can start with it, God knows, what will happen one day. Is there a form that we can get and have it notarized, for each one of us separately? I think we need the financial will, living will and... View More
answered on Jan 27, 2025
As an unmarried couple, albeit a long-term one, the law would not provide any transfer of the assets of each of you at your passings to the other person. You need 2 wills to achieve the results you are seeking. In them you could structure the passing of your assets and create a medical power of... View More
My mom created a revocable trust before she died, then amended it to specify, "Upon settlor's death, the following described real estate shall be transferred to [me]." Does that arrangement allow me to assume the current mortgage?
The Garn-St. Germain Act seems relevant here.
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answered on Jan 8, 2025
You do not have to assume the mortgage. Just notify the lender that you are the new owner, with documentation, and keep making the payments.
Admin for his estate and does his estranged wife/separated for 14yrs receive anything?
answered on Nov 22, 2024
Yes. As an heir, you are entitled to petition the court to open the estate and be appointed as the administrator. Any of your siblings and your father's estranged wife are entitled to file such a petition. Under the Illinois statute, your father's wife and his children split the proceeds... View More
US Bank Trust National Association, as trustee of the LB-Ranch Series V Trust by SN Servicing Corp. as attorney in fact, of Eureka, Calif., sold a residence at 212 S.E. Front in La Prairie to Mike Fuhrman of La Prairie for $12,000 on May 30. I don't understand the beginning of this statement... View More
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answered on Oct 9, 2024
It sounds like the trust managing your grandparents' estate took action to sell the property. The US Bank Trust National Association acted as the trustee, meaning they were responsible for handling the assets in the trust. Sometimes, when an estate isn't actively managed, the trustee may... View More
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answered on Apr 26, 2024
No, the person paying the property taxes alone cannot automatically take ownership of the property simply because they are the only one paying taxes. Here's why:
1. Legal ownership: The ownership of the property is determined by the will, not by who pays the property taxes. If the... View More
I have a loan contract that the loaner passed away a few months ago. The person handling the estate just informed me that they are having issues cashing my checks that are made out to the deceased name. Now they want me to write the checks in their name going forward. They did not open a bank... View More
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answered on Apr 3, 2024
It is very perilous for you to do what they are asking! What if they are lying about who the proper heir(s) is/are? You could give them a lot of money and then when the proper heirs come along you have to pay the real heirs all over again. Don't do it!
Keep making the checks payable... View More
The deceased never collected the Annuity left to him by our Mother. It was sent to IL Unclaimed Cash.
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answered on Feb 15, 2024
To claim the annuity left by your mother to your deceased brother, who died intestate (without a Will) and homeless in Michigan, as an heir through the Illinois unclaimed property, you will likely need to obtain a declaration of heirship or a similar court order from Michigan proving your status as... View More
Located in Texas and they are stating that we have to travel to Houston and be there at the same in order to sign documents and dissolve the CD. We are in the dead of winter and my grandfather is not up for travel. Can’t the bank make concessions and complete this virtually or send the proper... View More
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answered on Feb 5, 2024
Based on the situation you have described, here are a few suggestions that may help:
- Contact the bank and explain your grandfather's health/mobility issues and the challenges of traveling at this time. Politely request if there is any way the bank can accommodate getting the required... View More
How will I know what I am to inherit
answered on Jan 13, 2024
The original will is required to be filed with the Court in the County where the decedent lived. You can look at the will after it is filed and read the provisions. Assuming assets in excess of $100,000 or an estate with real estate (no real estate passes through probate if it was in joint title),... View More
Help. Please
answered on Jan 9, 2024
The affidavit of heirship is important when opening an estate. Some counties have pdf forms other require original typed word documents. You essentially need to identify the spouse and children. If there is no surviving spouse or child, then make sure there is no survivor of a predeceased child. If... View More
We do not have any joint accounts, my name is technically on nothing, and ,because of his past issues with his former spouses, he trusts no one, so I am pretty much standing at the window looking in.
When we talk about it his statement is. “ You’re my wife. You’ll get it all. Case closed.”
answered on Jan 4, 2024
At the time of his passing, and there is no will, he is considered to have died "intestate". If he is a resident of the state of Illinois, the Illinois statute regarding intestate distribution will apply. Your situation falls under paragraph (c). (Ex-wives/husbands do not take under... View More
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