Your client, mike, intends for the family cabin to pass to his daughter after hi

Question

Your client, mike, intends for the family cabin to pass to his daughter after his death. Mike recently told you he wants the estay to pay off the mortgage when he died so that his daughter is not saddled with thee lenses. Which provision should you review to make sure that Mikr’s will provides for the mortgage to be paid by the estate? Your client, mike, intends for the family cabin to pass to his daughter after his death. Mike recently told you he wants the estay to pay off the mortgage when he died so that his daughter is not saddled with thee lenses. Which provision should you review to make sure that Mikr’s will provides for the mortgage to be paid by the estate? Your client, mike, intends for the family cabin to pass to his daughter after his death. Mike recently told you he wants the estay to pay off the mortgage when he died so that his daughter is not saddled with thee lenses. Which provision should you review to make sure that Mikr’s will provides for the mortgage to be paid by the estate?

Explanation / Answer

In this case ,in order to make sure that the mortgagae of Mike is paid from his estates is to make a provisioning on the legal side. In many of the countries, the laws and regulations are very strict with respect to paying of mortgagaes through estates. On the death of Mike, the mortgagaes can be paid by his estates or by his spouse or by his daughter.

Therefore in the agreement or contract signed between the company, say X and their client Mike should have a proper clause in the agreement stating the fact that the payment for mortgages will be paid from estate and their legal heirs or spouse are not responsible for any of the debt remaning unpaid.

Secondly, other than law prespective, the company should also have the valuation prespective. The company should value the estates so that the amount of mortgagae can be recovered by selling the estates. In case if the valuation of estates is less than the mortgage amount requires, then the company X will be required to bear the looses as they cannot recover the same from any of his legal heir or spouse.

Hence legal and valuation formalities are essential.

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