If an individual is named in your will to receive your property, he or she will take it and then this person will be subject to whatever mortgage presently exists. This is why it is important to articulate to the person who you intend to take over your property that he or she should have a will already or should make one immediately.
The purpose of updating their will or putting one together for the first time after they receive your property is to make it extremely clear what would happen to the property in the event of his or her own death. The heir can then choose to sell or to keep the property.
You may also be eligible to allocate certain portions of your property to go to different people. Property can be split up in any different way, such as giving one heir a larger percentage than another if you wanted to do so.
You may also split up your property into land tracks as well. It is strongly recommended that you name a contingency beneficiary in the event that your heirs pass away before you do or before you have chance to update your will. Consulting with an experienced estate planning attorney is strongly recommended anytime that you are dealing with complex real estate concerns.
