Probate - Posted by Kareem

Posted by AJ on June 15, 2004 at 23:06:58:

Thanks. I was thinking about sending the deceased son’s a letter requesting the name of the executor of the estate. Can I suspend payment until this information is provided?

Probate - Posted by Kareem

Posted by Kareem on June 15, 2004 at 14:05:12:

I have been studying REI and CRE online for about 3 mos. now and am working on my first deal. The gentleman is a widower and wants to sell b/c the house is too big and he can’t stand the memory of it any longer. He and his wife were “tenents in common”. I called the probate court and was told that he can sell the home as long as half of the proceeds go to his late wife’s estate. The problem is that she left behind a lot of medical bills (cancer). If I contract this home, do I run the risk of losing it to their creditors to satisfy any outstanding debts? Any and all serious responses are appreciated in advance?



Re: Probate - Posted by Randy (SD)

Posted by Randy (SD) on June 15, 2004 at 15:46:27:

Tenants in common
Similar to joints tenants. All tenants in common share equal property rights except that, upon the death of a tenant in common, that share does not go to the surviving tenants but is transferred to the estate of the deceased tenant. Unity of possession but distinct titles.

Conclusion: You do not risk losing anything to their creditors (Medical Bills) the seller does. He will only receive 50% of the profit.

Re: Probate question #2 - Posted by AJ

Posted by AJ on June 15, 2004 at 14:26:58:

I have a similar question on probate. Any help would be appreciated.

I am making payments on a contract for deed to the son of deceased person. The estate is in the process of going into probate.

Who do I make the payments to in the meantime?

My concern is if I make the payment to the deceased’s oldest son, his other two brothers might have a problem with it. Who is the legal owner of this property while the estate is in the probate loop?

Finally, if I wanted to sell the house soon, how can I get clear title?


Re: Probate - Posted by Kareem

Posted by Kareem on June 16, 2004 at 15:47:59:

Thanks for the information, I will keep you posted.

Re: Probate question #2 - Posted by Randy (SD)

Posted by Randy (SD) on June 15, 2004 at 15:52:10:

If the seller?s estate is in probate the executor of the estate determines residual income until the probate is complete. Likewise you will not be able to sell the property until completion unless authorized by the executor, the proceeds going into the assents to be disbursed according to the will.

Re: Probate question #2 - Posted by Niklaus Worth

Posted by Niklaus Worth on August 23, 2005 at 17:48:26:

casino las vegas webcams casino poker chip sports book casinos cannery casino las vegas seminole hard rock casino isle capri casino map indian casinos horseshoe casino tunica mississippi aruba casino gambling free games downloads casino

Re: Probate question #2 - Posted by AJ

Posted by AJ on June 15, 2004 at 18:26:54:

RAndy, thanks for your help. The deceased parent left no will but has three sons. The son’s attorney informs me that I should continue ot make payments to hte oldest son. I am concerned that payments could be going to the wrong person since no one has the legal right at this time.

The children just petitioned the court and no executor has been assigned to the case.

Who should I make payments to for now?


Re: Probate question #2 - Posted by GP in WA

Posted by GP in WA on June 15, 2004 at 21:47:35:

I have dealt with the estates of each of my parents in the past five years.

Businesses (such as banks, when CD’s mature) that know they died make checks payable to “Estate of” John Doe and send them to the same address as they always have. That is what I would think you should do, either that or keep making them payable to the deceased person. Do not EVER rely on what someone else’s attorney tells you to do!

When they have properly set up probate and established an “Estate of” bank account, they’ll be able to deposit the checks. Until then, it’s their tough luck.