Estate Law Questions? Ask an Estate Lawyer.
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Good afternoon. Can you provide me a bit more information? Is the owner-financed loan recorded in the real property records? And, what is the amount owed on this loan? Thanks.
Thanks for following up. Certain assets pass outside probate and thus are not governed by the will and thus do not require probate. These include the following: i) joint brokerage and bank accounts which vest automatically in the surviving owner upon the death of one owner; ii) real property held as joint tenants or tenants by the entirety, which also vest automatically in the surviving owner upon the death of one owner; and iii) assets with designated beneficiaries other than the estate such as life insurance and retirement accounts. Everything you reference (other than the owner-financed loan) would fall within the foregoing and would not necessitate probate. If the borrower will agree to make the payments to your mother in law, then you can avoid probate altogether.
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You're very welcome. Then, you can avoid probate altogether. :)
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