If a house, with a mortage that is more than the sellable value of the house, is willed to someone, what might happen? Can they reject it and if so, what becomes of it? If one wanted to accept the house with the mortgage, what would the mortage...
If you are named in the Will and are a beneficiary on this asset, the Personal Representative should be contacting the bank and trying to find out the alternatives that are available. The Personal Representative should also be discussing the options with you.
There is a creditor period in Colorado and the Personal Representative must publish notice in the paper and give direct notice to the lien holder on the house. Whether the bank responds to the notice in the time necessary is VERY important. It is likely that the asset will be sold (if possible) and go to pay the bank first and foremost.
It is important to review the will and determine what was to happen to your share if the house did not exist to be transferred to you.See question
Will we need a power of attorney or something else like that?
If he is competent, then he can execute a Medical Power of Attorney and a General Durable Power of Attorney in favor of you as the Agent. He will need to consider whether the General Durable Power of Attorney is effective immediately or springing (meaning that it goes into effect only if he is incompetent).See question
my mother recenly passed away and their were 3 beneficiaries - the estate included her home - 2 beneficiaries do not want to sell the home and 1 does. how do we handle legally?
While I agree with the reponse previously provided, you can also force a partition action if the one beneficiary is certain that they want out. This can only be accomplished through the Court and you should consult with a Colorado attorney that is familiar with the process.See question
Can an executor sue or just plain stop an heir from being annoying,harrassing,etc,basically stopping me from doing my job and finishing this estate stuff?Can heir continue to do whatever he wants,sue me, or threaten,even though I have done nothing...
In Colorado, an executor can file various different pleadings with the Court to bring this matter to its attention. For example, a Petition for Instructions could be filed detailing the harrassment and request that the Court provide guidance on the next steps that can be taken. Generally, this will be enough for the Court to call a status conference and deal with the situation there, i.e., start imposing fees and costs as sanctions for frivolous filings.See question