What happens to my mother-in-law’s property when she dies?

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What happens to my mother-in-law’s property when she dies?

There are 2 daughters, my wife and her sister, who are the beneficiaries of my mother-in-law’s estate. There is $56,000 that is still owed on the property. My mother-in-law is in ill health and I want to know what happens to the estate when she passes away. I would love to buy it, either before or after she passes. There is about $50,000 in equity on the property now. I have poor credit.

Asked on October 3, 2018 under Estate Planning, Idaho

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

I am so sorry for the situation.  So what you could do is to buy your sister in law out of the property by using other assets as a set off.  So say there is a bank account with $50,000 in it and your wife gets half, use the $25,000 as a set off against her portion of the house.  Her sister would take the bank account and she the house.  See how that goes?  But it is your wife's decision too here.  Good luck.


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