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 Christopher B, Esq Your Own Question
Christopher B, Esq
Christopher B, Esq, Attorney
Category: Estate Law
Satisfied Customers: 2677
Experience:  Litigation Attorney with education focus on estate planning and tax
84496330
Type Your Estate Law Question Here...
Christopher B, Esq is online now
A new question is answered every 9 seconds

If you are named as the beneficiary of a home with a

Customer Question

if you are named as the beneficiary of a home with a mortgage in Florida and the estate has sufficient assets to cover the debt, is the estate libel for the debt before passing it on?
Thanks Carl
Submitted: 12 months ago.
Category: Estate Law
Expert:  Christopher B, Esq replied 12 months ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

If the will makes it clear that the devise is to carry the mortgage with it or not carry the mortgage with it, then the will is clear. If the will says you take subject to the mortgage, you get the debt. If the will says the executor should pay off the mortgage, you get the house free and clear. The intent of the testator always trumps the default position of state law. More states than not have enacted laws that assume otherwise - that is, that the devisees get the debt as well as the real estate, that the real estate is not exonerated from the debt. Florida is included in those states that have this rule. The state law provides that, barring any contrary provision in the will, the beneficiary gets the burden of the debt as well as the real estate. SO the estate is not liable for the debt before passing it to the beneficiaries. That is not to say that the beneficiaries are personal liable for the debt once it is passed. The mortgage attaches to the property but the bank cannot hold the beneficiaries personally liable for the debt. So you would most likely have to refinance the debt or pay it off once it passes.

Please let me know if you have any further questions and please positively rate my answer if satisfied.

Expert:  Christopher B, Esq replied 11 months ago.

Just following up, do you have any further questions?

Expert:  Christopher B, Esq replied 11 months ago.

I see you reviewed my answer, please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site. There should be smiley faces or numbers from 1-5 next to my answer, an excellent or good rating would be fantastic. I want you to be satisfied so I will continue to answer any questions you may have and I thank you in advance for completing this extra step as it will not cost you any additional money.

Expert:  Christopher B, Esq replied 11 months ago.

Any chance for a positive rating?

Related Estate Law Questions