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The Garn-St. Germain Act is a law that protects relatives who inherit property with outstanding mortgages. In particular, this act bars lenders from enforcing the due-on-sale clause. Often a part ...
A lot of inherited property winds up in probate, which is a complex legal process that evaluates assets and outstanding debt. Probate can be an issue if the deceased doesn’t have a will, but it ...
Inheriting a house is a bittersweet, overwhelming experience. I remember receiving the deed that transferred ownership of my mother’s home to me and my siblings.
The intestacy laws of certain American states, limit the surviving spouse's rights (inheritance) to the deceased spouse's real estate to a life estate. Louisiana, applying civil law, has a similar default provision in intestate successions called a usufruct, which is only over community property and ends with the earlier of death or remarriage.
In jurisdictions with a common law slayer rule, a slayer statute may serve to extend and supplement the common law rule, rather than limiting it. For example, where the statute requires the heir to have been convicted to bar inheritance, a common law slayer rule that does not have this requirement may still serve to bar inheritance. [9]
In modern law, the terms inheritance and heir refer exclusively to succession to property by descent from a deceased dying intestate. Takers in property succeeded to under a will are termed generally beneficiaries, and specifically devises for real property, bequests for personal property (except money), or legatees for money.
If the property you inherit is in good condition, you could turn it into rental property to create a stream of passive income. However, the rental income might not be that passive if you plan to ...
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.