Leaving a lifetime interest

FlorayG

anselld said:

silvercar said:

anselld said:

If he dies the mortgage would be paid off out of his Estate and she would retain a lifetime interest in the property prior to it passing to the final beneficiaries.  Not sure what would happen if the Estate was insolvent but that doesnt sound likely to be the case.

Is there any obligation on the benefactors of the will to use some of his estate to clear the mortgage? I wouldn't have thought so, unless that is specified in the will. Otherwise the mortgage would just be a debt on the estate that the lender could call in. 

There is an obligation on the Executors to clear all debts of the Deceased prior to any distribution of remaining assets to beneficiaries.

That's not relevant to my question though - they could clear the debt by selling the house

anselld

FlorayG said:

anselld said:

silvercar said:

anselld said:

If he dies the mortgage would be paid off out of his Estate and she would retain a lifetime interest in the property prior to it passing to the final beneficiaries.  Not sure what would happen if the Estate was insolvent but that doesnt sound likely to be the case.

Is there any obligation on the benefactors of the will to use some of his estate to clear the mortgage? I wouldn't have thought so, unless that is specified in the will. Otherwise the mortgage would just be a debt on the estate that the lender could call in. 

There is an obligation on the Executors to clear all debts of the Deceased prior to any distribution of remaining assets to beneficiaries.

That's not relevant to my question though - they could clear the debt by selling the house

I was answering the previous post by Silvercar.

I don’t think they could sell the house if your friend holds a lifetime interest.

theartfullodger

We don't know if there is genuine evidence for a signed lifetime interest.  Sounds like it's just alleged hearsay....