Full question:
If there is not a living will, 3 children and a home left, what should we do? There is a second mortgage for $18,000. However, the house is worth $150,000 or more and no beneficiary chosen. Mother, who held the mortgage, is deceased. The heirs are three living children, 2 children have same mother and father ( Ages 49 and 43) 1 child has same birth mother (Age 59). Do we go to Probate court or what must do?
- Category: Wills and Estates
- Subcategory: Probate
- Date:
- State: Illinois
Answer:
When someone dies without a will, their assets go through the probate process. If there’s no will, the court appoints an administrator to distribute the estate according to state intestacy laws. In Illinois, the estate will be distributed as follows:
- If there’s no surviving spouse but there are descendants, the entire estate goes to the descendants.
In your case, since there are three children and no surviving spouse, the estate, including the house, will be divided among them according to intestacy laws.
Regarding the house, despite the second mortgage of $18,000, its value of $150,000 or more means it is a significant asset. The administrator will need to handle the mortgage and any debts before distributing the remaining value to the heirs. If the estate is below a certain value, it may qualify for a simplified probate process.
To proceed, you should file for probate in your local court. It is advisable to consult with a probate attorney to guide you through the process and ensure all legal requirements are met.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.