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Thomas McJD
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
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My grandmother left her property in a life estate to my

Customer Question

My grandmother left her property in a life estate to my grandfather for his life time then to her son & daughter (my mother) for their lifetimes, then to grandchildren. My mother's will gives the property to my brother...also can property in a life estate be mortaged, if so who pays after my mother'sdeath. State is ARkansas
Submitted: 11 months ago.
Category: Estate Law
Expert:  Loren replied 11 months ago.

Good afternoon. I am Loren, a licensed attorney, and I look forward to assisting you.

Expert:  Loren replied 11 months ago.

Do I understand correctly that your mother has only a life estate?

Customer: replied 11 months ago.
Expert:  Loren replied 11 months ago.

Then your mother's interest terminates upon her death and she can not designate who gets the property after she dies.

Expert:  Loren replied 11 months ago.

Under the grant from your grandmother the grandchildren have a remainder interest.

Customer: replied 11 months ago.
10 months before she died she and my brother put a 3/4 million mortage on the property Who pays??
Expert:  Loren replied 11 months ago.

If your grandmother mortgaged the fee simple interest then it is a presumably valid lien which the bank can foreclose if it goes into default. The grandchildren with the remainder interest have the most to lose, but all estates, life and remainder, would be wiped out by a foreclosure.

Customer: replied 11 months ago.
It was my mother that mortgaged the property. Grandmother left free and clear in 1956. Mother died Sept 2015.
Expert:  Loren replied 11 months ago.

If only your mother's interest was mortgaged then upon her death the loan became unsecured and all the lender can do is go against her estate. If you brother mortgaged his remainder interest, as well then the bank can foreclose on his interest.

Expert:  Loren replied 11 months ago.

Are you still online with me?

Expert:  Loren replied 11 months ago.

Did you have further questions? Have I answered your question?

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