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 Richard Your Own Question
Richard, Attorney
Category: Legal
Satisfied Customers: 55130
Experience:  Attorney with 29 years of experience.
Type Your Legal Question Here...
Richard is online now
A new question is answered every 9 seconds

My parents both died within the past year. Neither had any

This answer was rated:

My parents both died within the past year. Neither had any assets to distribute to their 5 children nor did they have a will. Our family home currently has a mortgage. I want to assume the mortgage and have the property re-titled in my name. I understand I can petition the probate court to have this done. I was also told that I would have to wait one year before I could refinance the current mortgage. Is this true? The property is located in Mississippi. If I have to wait one year, is it one year from the date of death of my parents or one year from when the estate is closed?
Does the family home have any value in excess of the mortgage? Thank you!
Customer: replied 6 years ago.
Yes, but very little. Probably not more than $ 5,000 - $ 10,000 in equity. The property in question is a house and 29 acres of land.

Thanks! First of all, because your parents died intestate (i.e., without a will), any property your parents had would have to be distributed pursuant to the Mississipi intestate succession rules. These rules require that the property be distributed equal to all 5 children...thus you would have to get the other 4 to agree to disclaim their interest in the property. In any case, you need to petition the probate court to appoint you as representative of the estate of the last parent to die. At that point, you have the authority to act on behalf of the estate and you can transfer the property to yourself, if the others disclaim, and to the five of you if they do not. Once ownership of the property is transferred, it can be refinanced at any time.



I hope this has given you the guidance you were seeking. I wish you the best of luck!


If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.


If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.


If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.


The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard and 7 other Legal Specialists are ready to help you