Legal Question in Wills and Trusts in New York

my fiance' is 71. he owns 3 homes. 1 in NY state and 2 in Fl., his residency is NY state. He does not have a will. 2 yrs. ago he asked me to cosign for a home equity loan..I did. if he passes, am I responsible to pay off the home equity loan, or will that go into his estate?. He has 3 grown children that would divide his estate?

Asked on 1/14/20, 8:21 am

2 Answers from Attorneys

David Slater David P. Slater, Esq.

If you co signed on the loan you are responsible.

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Answered on 1/14/20, 8:27 am
Richard Bryan Richard Bryan Attorney PC

This could be a real mess. Almost certainly the house will be sold and the proceeds of sale used to pay back the home equity line of credit. The man is making a very big mistake by not having a Will and trust. But yes if you signed your name that means you are guaranteeing the loan is repaid. That's what 'co-signer' means, which you knew when you signed the papers.

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Answered on 1/27/20, 7:23 am

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