Does a co-owner of jointly-held property get the mortgage paid if the Will requires payment of debts?
Posted by Adrian P. Thomas on April 2nd, 2009 | 3 Comments »
Court rules that a Will’s direction for payment of “all just debts” did not require exoneration of jointly held property.
Under the common law doctrine of exoneration, an heir or devisee is generally entitled to have encumbrances upon real estate paid by the estate unless the will directs otherwise.
The Florida Probate Code abrogates this common law doctrine and directs that the specific devisee of any encumbered property is entitled to have the encumbrance paid at the expense of the residue of the estate only when the will shows that intent. Fla. Stat. §733.803. Read the rest of this entry
