pattyjamas[at]hotmail.com wrote:

- quote -

What do you mean, how is it handled? What do you want to do
with it?

In general you leave it in a will or trust to whoever you
want. If they want to keep it they'll make the mortgage
payments. If they don't they'll sell it.

Stu

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<pattyjamas[at]hotmail.com> wrote:

- quote -

Putting your question together with the subject line I'll
assume you're talking about after you've gone to your dirt
nap. The death of the mortgagor doesn't affect the
mortgage, which is still due from either the sale of the
house or from whoever inherits it.

As for who gets your stuff, including the house, you decide
and formalize it in a will. If you don't, state law
decides.

- quote -

I hear Danish Modern is due for a comeback.

--
Phil Marti
Clarksburg, MD

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Since my house is not paid for and I am not married yet
(engaged), how is the house handled?

What about the furnishings in the house?

Thanks
Patty

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- quote -

Else your State Law and County Court will decide this
for the 2/3rds who dont have wills. Basically it
automatically goes to your spouse, then closest relative.
If this is more than one relative of the same degree of
relationship, then equally divided. The court and its
representative will take some fee too.

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"Missy" <mytax[at]yahoo.com> wrote:

- quote -

Either a will or a trust will accomplish the goal. A trust
is more expensive but it also avoids probate.

- quote -

That's really the best advice.

Stu

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You do not need a trust, You need a will. Let you lawyer
know what you want to do.

Missy Doyle

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<pattyjamas[at]hotmail.com> wrote:

- quote -

Nolo Press has a few useful books.

A good one to start with is titled something like "8 ways to
avoid probate".

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"Phil Marti" <prm20871[at]verizon.net> wrote:

- quote -

While post mortum estate planning isn't as effective than inter
vivos planning, it certain exists and can be better than nothing
(though not always).

Stu

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pattyjamas[at]hotmail.com wrote:

- quote -

The purpose of a will is to specify what you want to happen
to your things after you die.

There are several purposes of a trust, one of which can be
to do what a will does.

But in addition to avoid probate that an estate would
otherwise have to go through to transfer ownership of
property.

In addition a trust can be used to delay a gift until a
beneficiary is ready or has performed a specific tax (e.g.
when he goes to college). And it can be used to hold
marital property to avoid what is in effect a marital
penalty in the estate tax.

Stu

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<pattyjamas[at]hotmail.com> wrote:

- quote -

My money says you will.

- quote -

Either way. What works best in your situation is something
you'll learn when you go to a lawyer to get your papers in
order. Remember that the day after you die is a day too
late to decide what's going to happen to your assets and get
things set up so it happens.

--
Phil Marti
Clarksburg, MD

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pattyjamas[at]hotmail.com wrote:

- quote -

That is the purpose of a Will. Talk to your estate attorney.

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<pattyjamas[at]hotmail.com> wrote:

- quote -

I purchased a car 3 months ago.
I asked the dealer the same question.
It was suggested that I just put my sister's name on the
title, along with mine.

Since I have POA for my sister, I was able to do this
easily. She'll probably outlive me. If she dies first, I
guess I can remove her name just by producing a death
certificate.

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If I were to die, can I specify in the will that a certain
person will inherit my home, furnishings and car.... OR must
I set up a trust to do this?

Thank you
Patty

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