Estate property

[Michael26]

Jurisdiction

New York

I'm trying to help a friend. So I'm doing my research. My friend has a house in which it's under an estate and he is the Executor. The house is not livable and it's needs to be demolished and reconstructed again. He's looking to find a investor however, to my knowledge investors want their money back if he sales. He's not looking to sale. He wants to rebuild the house and rent out the apartments. So far, I've spoken to the banks and I was told that they don't give construction loans if the house is under the Estate. Is there any other options?

 

[zddoodah]

My friend has a house in which it's under an estate and he is the Executor.

First you say that your "friend has a house," but then you say that the house is "under an estate." What does all that mean? Was the house owned by the deceased person such that it is now owned by the estate? I'll assume that's the case for now, but please confirm.

Is there any other options?

I'm not sure I understand what your question means. These boards are or legal questions. If your only question about whether and where your friend can find a financing source to do what he wants, I doubt anyone here will know about that since it's not a legal issue. That said, why wouldn't your friend simply finish with the administration of the estate and let whomever is/are the beneficiary(ies) of the estate deal with this?

 

[Michael26]

First you say that your "friend has a house," but then you say that the house is "under an estate." What does all that mean? Was the house owned by the deceased person such that it is now owned by the estate? I'll assume that's the case for now, but please confirm.



I'm not sure I understand what your question means. These boards are or legal questions. If your only question about whether and where your friend can find a financing source to do what he wants, I doubt anyone here will know about that since it's not a legal issue. That said, why wouldn't your friend simply finish with the administration of the estate and let whomever is/are the beneficiary(ies) of the estate deal with this?

First you say that your "friend has a house," but then you say that the house is "under an estate." What does all that mean? Was the house owned by the deceased person such that it is now owned by the estate? I'll assume that's the case for now, but please confirm.



I'm not sure I understand what your question means. These boards are or legal questions. If your only question about whether and where your friend can find a financing source to do what he wants, I doubt anyone here will know about that since it's not a legal issue. That said, why wouldn't your friend simply finish with the administration of the estate and let whomever is/are the beneficiary(ies) of the estate deal with this?

My friend is the Executor of the estate. The person who owned it expired years ago.

 

[army judge]

My friend is the Executor of the estate. The person who owned it expired years ago.

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An executor is the person named in a will by a testator to be responsible for managing the testator's estate after he or she passes away.
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While one of the most important responsibilities of an executor is to distribute the estate's assets according to the terms of the will, there are a number of additional responsibilities that an executor must complete before distributing an estate's assets.
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Some of the duties and responsibilities of an executor will be defined in the will.
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However, New York law also defines the duties and responsibilities of an executor as a fiduciary to the estate.
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If you are named as an executor of a loved one's estate it is important to contact an experienced New York Estate Lawyer who will explain to you the details of estate administration and help make sure that the process proceeds as quickly and efficiently as possible under the circumstances.
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The state of NY through its courts publishes additional reading materials useful to every executor:
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Quick Start Guide for New York Estate Executors and Administrators
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[Michael26]

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An executor is the person named in a will by a testator to be responsible for managing the testator's estate after he or she passes away.
.
While one of the most important responsibilities of an executor is to distribute the estate's assets according to the terms of the will, there are a number of additional responsibilities that an executor must complete before distributing an estate's assets.
.
Some of the duties and responsibilities of an executor will be defined in the will.
.
However, New York law also defines the duties and responsibilities of an executor as a fiduciary to the estate.
.
If you are named as an executor of a loved one's estate it is important to contact an experienced New York Estate Lawyer who will explain to you the details of estate administration and help make sure that the process proceeds as quickly and efficiently as possible under the circumstances.
.
.
.
The state of NY through its courts publishes additional reading materials useful to every executor:
...
...
...
Quick Start Guide for New York Estate Executors and Administrators
/
/
/
/

There's no beneficiaries. My friend is looking for lenders to loan my friend the money, so my friend can rebuild the house.

 

[zddoodah]

There's no beneficiaries.

The notion of a will that designates no beneficiaries is rather absurd. Someone must stand to inherit the estate. If, for some bizarre reason, a will failed to designate beneficiaries, then the estate would pass to the heirs as provided in the applicable state's intestate succession law (which is the law that says who gets what when a person dies without a will).

So...I'll ask again: why wouldn't your friend simply finish with the administration of the estate and let whomever is/are the beneficiary(ies) of the estate deal with this?

 

[army judge]

There's no beneficiaries. My friend is looking for lenders to loan my friend the money, so my friend can rebuild the house.

Help me understand, what EXACTLY do you wish to do with the house?

If you did rent the house after rehabbing it, who would receive the rents paid by the tenants?

Are you related to the deceased?

 

[Michael26]

Help me understand, what EXACTLY do you wish to do with the house?

If you did rent the house after rehabbing it, who would receive the rents paid by the tenants?

Are you related to the deceased?

Maybe I'm not explaining correctly. I'm going to explain it this way. A husband and wife, whom been married for many years and have no children. The property belonged to the wife. The wife passes away then the husband inherits the house. The husband then wanted to keep the house separate from his personal taxes. So he decided to keep it as the Executor of the estate. The roof of the house caved in and it's no longer livable. So now the husband is looking for money to demolish the house so that the husband can reconstruct. Banks are not going to give the husband a construction loan if the house on an Estate. So, I went online regarding the question and this website came up with an answer.

 

[zddoodah]

The husband then wanted to keep the house separate from his personal taxes.

That makes little sense. Keeping a "house" and "taxes" separate is not something that requires any effort. It's a little like saying that he wanted to keep his car and his electric bill separate.

he decided to keep it as the Executor of the estate.

That doesn't make much sense either. The surrogate's court would be unlikely to allow that.

Banks are not going to give the husband a construction loan if the house on an Estate.

Makes sense. If the husband wants a loan against the home, he'll need to complete probate or do whatever is needed to get the property into his name.

 

[army judge]

Maybe I'm not explaining correctly. I'm going to explain it this way. A husband and wife, whom been married for many years and have no children. The property belonged to the wife. The wife passes away then the husband inherits the house. The husband then wanted to keep the house separate from his personal taxes. So he decided to keep it as the Executor of the estate. The roof of the house caved in and it's no longer livable. So now the husband is looking for money to demolish the house so that the husband can reconstruct. Banks are not going to give the husband a construction loan if the house on an Estate. So, I went online regarding the question and this website came up with an answer.

If the house was owned solely by the wife, did she have heirs UNKNOWN to you?

I think the discussion is amusing as an academic exercise.

As a practical matter, the house probably isn't worth much.

What could the house bring if it were sold today in its deteriorating condition?

If there were no other assets (or assets of little value), probate might not be necessary.

In NY, upon affidavit, the estate can be settled more quickly with lower costs; read this:

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New York Small Estate Affidavit SCPA 1310 - Free Online Forms

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