How to transfera deed beforean estate is settled?
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How to transfera deed beforean estate is settled?
My mother passed away earlier this year and in her Will made me executrix of her estate. She left everything to me to pay her debt, sell the home and divide the profits with my siblings. I need to apply for a loan to make debt-reduction settlements with her creditors. Her debt is unsecured loans. As I do not want to sell the house until I’m ready, how can I get the deed transferred into my name to use as a collateral against a loan before the estate is completely settled. Do I need to hire an attorney, and if I do, what would be the approximate cost?
Asked on October 8, 2011 under Estate Planning, Pennsylvania
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. It is unclear to me if you have submitted the Will for Probate and have been given Letters Testamentary for the estate. That is the first step to negotiating with the creditors and doing what ever else you can to keep the state afloat while you get things in order. Now, the house would not be transferred to your name in particular but as Executrix of the Estate of your Mother. But I am not sure that is what you will need to do. I would consult with an attorney in your area. AS for the fee, some states set the fee by statute. Some states the fees are just usual and customary. Interview attorneys and ask around. Good luck.
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