What are collateral heirs?

What are collateral heirs?

A collateral descendant, also referred to as a collateral heir or collateral kin, descends from the same common ancestor as the decedent, but does not descend directly from the decedent. Some states narrowly limit intestate succession to only those collateral descendants within five degrees of kinship to the decedent.

Who is entitled to a mother’s property after her death?

Under Hindu Law, the property of a mother devolves as per the Hindu Succession Act, 1956 (the Act). The Act applies to intestate succession. According to Section 15 of the Act, the following persons inherit a woman’s property after her death:

Can a second property be used as collateral?

The second property has tenants in and rents would more than cover mortgage payments, and this collateral represents >50% of property value. Any thoughts, suggestions of where to look or other ways of going about this are very much appreciated!!!

Can you cross collateralize a property you own?

Hi Patsy, good advice from Nathan. It is common for hard money (asset based) lenders to allow cross collateralization of a property you own to cover down payment for another investment property. This flexibility is an advantage of hard money lending.

Is it safe to use your home as collateral?

You would be putting an awful lot at risk by using your home as collateral. I would prefer not to have payments on two properties if I can avoid it. Plus interest rates and terms on HELOCs are not as favorable.

Who is the executor of my mother’s estate?

Ask a lawyer – it’s free! Currently, as long as the property was your mother’s, her estate owns the property, not you. As executor, you are the one with the authority to make all of the decisions with regard to the property, but you do owe a fiduciary duty to the heirs (presumably, to you and to your sister)to maximize its value.

What happens to the estate of a mother with two daughters?

For example, consider a mother who has two daughters, her only living relations, and dies intestate, leaving an estate of $100,000. Since the two daughters occupy the same proximity of blood relationship to their mother, they share her estate equally, each inheriting $50,000.

What kind of collateral do you need when buying a house?

Take note of the above-mentioned list of “unacceptable collateral” because they are very important especially if you are buying from individual sellers; that is, not from developer corporations. When buying a property, insist on getting a copy of the Title — (TCT for Lot, or CCT for condominium unit).

What happens if mom assigns her life estate to her friend?

Mom’s elderly friend lived with Mom during her last few years and helped take care of Mom. Mom wishes to assign her life estate to her friend in gratitude, but then dies without making the assignment. Mom’s friend must move out right away because Adam and Beth now own the property.