- Jurisdiction
- Georgia
Our father designated his home be given to one of my siblings, who is the tenant and also is the sole executor of the estate. The estate is still open and no distributions have been made so far. The home has a reverse mortgage that is deep underwater, and foreclosure is looming. My sister and I want to work together to retain the house. I want to pay off the loan and rent the home back to her. In return, she wants to sign the deed over to me in a preliminary distribution. (NOTE: Our father stated in the will that he did this with full knowledge that there was no value in the home; he hoped that ownership would give her some leverage in negotiating with the lender toward staying in the house. It didn't.)
There are other beneficiaries, but none is affected and none object. The rest of the estate is composed of personal effects and there is no monetary value in any of it. We are long past the period when creditors can petition the estate.
Can we achieve this, and if so, how?
There are other beneficiaries, but none is affected and none object. The rest of the estate is composed of personal effects and there is no monetary value in any of it. We are long past the period when creditors can petition the estate.
Can we achieve this, and if so, how?