How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask lwpat Your Own Question
lwpat
lwpat, Attorney at Law
Category: Estate Law
Satisfied Customers: 25386
Experience:  Attorney with experience in wills, estates and trusts
15417118
Type Your Estate Law Question Here...
lwpat is online now
A new question is answered every 9 seconds

How long can an estate remain open in NJ Im the administrator

Resolved Question:

How long can an estate remain open in NJ? I'm the administrator of my ex-husbands estate. The 3 adult children from our marriage are the heirs. The home has an outstanding mortgage that I have been paying since he passed away from the life insurance proceeds. The real estate market has tanked and the family really doesn't want to sell the house right now. One of my children wants to rent the home from the estate for approximately 5 years. At that time the children will sell the home to the one son.
Can an estate actually collect rent etc on this property?
Submitted: 6 years ago.
Category: Estate Law
Expert:  lwpat replied 6 years ago.
You should not have to be paying the mortgage from the life insurance unless that went to the estate. You do not want to keep the estate open. What needs to happen is to distribute the house out the three children with the one executing a lease or contract to prevent any future problems. Depending on the amount of the mortgage, taxes and expenses he may owe the others the difference between the expenses and the rent. The main issue is that the three of them will have to assume the mortgage.
Customer: replied 6 years ago.

Do they need to form a corporation? I guess I don't understand how it is done. I'm not sure how to distribute this out.

Expert:  lwpat replied 6 years ago.
You would issue a deed of distribution from the estate to the three heirs. Any attorney can draft the deed for you and that will allow you to close the estate. Then they can form an LLC and place the property in the LLC and then the person can lease from the LLC. That would not be a bad idea.
lwpat and 2 other Estate Law Specialists are ready to help you
Customer: replied 6 years ago.
Thank you very much.