May an administrator or executor of an estate transfer a parcel of real property subject to a mortgage to an estate beneficiary without the property being sold to pay the mortgage?
R.C. 2117.29 provides: ” When the only debts of an estate remaining unpaid are secured by liens on property of the estate, the devisees, legatees, or heirs entitled to receive such property may be permitted to take the same subject to such liens, if all the lienholders consent and waive recourse to all the other assets of the estate in the event such property so taken is insufficient to pay the debts secured by such liens.” These are the most frequently asked questions about Estates. Q1. What is a Probate Estate? A1. A probate estate is a legal proceeding provided for by Ohio law to determine the assets of a deceased person who was an Ohio resident at the time of death, the value of those assets, and the distribution of those assets to the persons entitled to them by law. Q2. Why is Probate Estate Necessary? A2. A probate estate is necessary to protect and conserve the assets of a decedent for the heirs, creditors, and other persons interested in an estate. The probate estate will prov
