I am single and my property is seriously underwater. Will any of my family (brother, nieces & nephew) be responsible for any part of my remaining mortgage if they are my beneficiaries of my savings and small investment accounts?
3 Answers from Attorneys
No. Simply because they are beneficiaries of your estate does not convey any
liability for debts, including mortgages on real property. Such debts may reduce the
amount of your estate to be apportioned to beneficiaries so you may want to
address that issue.
as long as your accounts are designed to be paid and/or transfered on death to the named beneficiary - should be no problem. However, get your affairs in order in the event you should pass away. They will not be responsible for the debt on the house but the house will go into foreclosure and will be lost. There is more info you may need to know. If I can be of assistance please contact my office for an appointment.
No, so make sure there names are not included on any of the debt obligations.