House - Will question

[edwardalex]

I have a house and a mortgage (significant equity)

Can I state in my will somehow that upon my death, I want my house to go to my brother and for him to assume the mortgage? obviously he can sell the house if he wants and take the equity, but i'm curious to know how you folks set this up.

PS - I know i should ask my lawyer this but I want to get an understanding b4 calling him.

[pitz]

I
Can I state in my will somehow that upon my death, I want my house to go to my brother and for him to assume the mortgage? obviously he can sell the house if he wants and take the equity, but i'm curious to know how you folks set this up.


Generally, death of a borrower triggers a default under a mortgage. It is at the bank's discretion whether they allow a mortgage to be 'assumed'.

You might want to word it as follows:

"I bequest, to my brother, the equity in my house, less a pro-rata share of my final expenses".

But seriously, consult a lawyer to ensure that you're describing the bequest properly and that your bequest does not have any unintended consequences. Especially if you've decided to favour one part of your family over another.


PS - I know i should ask my lawyer this but I want to get an understanding b4 calling him.

Yes, you should. That's what a lawyer is there for.