what happens to a house not owned outright at death

[thejude]

What is the name of your state? GA
we have a house that we are still paying mortgage on. it has a fair amount of equity in it.do we leave the house in a will or does it revert to then bank??including the equity.
thanks

 

[seniorjudge]

What is the name of your state? GA
we have a house that we are still paying mortgage on. it has a fair amount of equity in it.do we leave the house in a will or does it revert to then bank??including the equity.
thanks

You need to hire a probate attorney to do some estate planning, including writing a will.

If you die and own the land, one thing that could happen is that the land will be sold, the loan paid off and your heirs would get whatever is left over.

 

[HomeGuru]

but that's only 2 bucks.

 

[BelizeBreeze]

but that's only 2 bucks.

OR a buck and a doe