Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: MONDAY, August 8, 1994 TAG: 9408150005
SECTION: BUSINESS PAGE: A6 EDITION: METRO
SOURCE: MAG POFF
DATELINE: LENGTH: Medium
The will has not been probated. I don't have access to the will and the decisions being made about it without mutual agreement.
What are the consequences for a person holding the will not probating it or removing anything from the estate?
A: A person who withholds a will from probate can have serious criminal and civil court problems. You may have to take action, however, to bring this about.
J. Lee Osborne, a lawyer who specializes in estate work with the Roanoke firm of Carter, Brown and Osborne, said Section 18.2-504 of the Virginia Code provides that it is a felony violation to destroy or to conceal a will with the intention to avoid probate.
He said Section 64.1-86 of the state code provides for a court to compel production of a will. The court specified is the circuit court of the community where the decedent resided.
Section 64.1-83 allows a court to compel production of all wills and documents related to the estate of the deceased. If there is more than one will, a jury can be enpaneled to decide which is the valid document.
Osborne said some code sections cover small estates with minor bank accounts and limited assets. In such a case, a will need not be probated if its provisions coincide with the Virginia laws of estate distribution. But this does not seem to cover your situation.
Osborne suggested that you talk with your siblings to try to settle the matter aimacably in light of these laws.
If this is ineffective, you should see a lawyer and have him petition the court for production of the will. You will have to present evidence showing it exists. You can also ask the court to compel an accounting of how the estate has been handled. If you cannot afford a lawyer, you can contact the Legal Aid Society at 344-2088. Take some action as promptly as possible.
Q: I am interested in a reverse mortgage. You sell your home and receive money payments back from the buyer, but you are still able to live in the house. Are there any banks or institutions in Virginia that are doing this?
A: There is a federally-insured home equity conversion mortgage available in Western Virginia. It is administered by Tidewater First Financial Group Inc. of Virginia Beach.
You can request a brochure by calling toll-free to 1-800-282-4326. You will receive counseling before joining the program.
Reverse mortgages, which are called Home Equity Conversion Mortgages, are designed to help people whose main asset is their home and who need extra cash to meet their expenses. For some people, the extra income from a reverse mortgage offers the only opportunity they have to continue living in the home.
The owners must be age 62 or older, and the house must be paid for, or nearly paid off.
The reverse mortgage can be a lump-sum payment or, more usually, a stream of steady monthly income. Or it can be a combination of both.
The size of the monthly payment depends on the age at which you begin taking the equity, the interest rate on the loan and the appraised value of the house. The higher the age and home value, and the lower the interest, the more money is available to you in the monthly paymnts.
You pay interest from your monthly payments, just as you did when you bought the house. This is because you are once again borrowing money.
You also must pay an origination fee, closing costs and a mortgage insurance premium, but this can come out of the equity rather than directly from your pocket.
You can live in the home as long as you are able. When you vacate the house, it must be sold to satisfy the obligation. You or your estate will get to keep any excess equity in the home that you did not receive through the reverse mortgage.
The American Association of Retired Persons offers information on reverse mortgages called "Home Made Money." Send a postcard to the AARP Home Equity Information Center, 1909 K Street N.W., Washington, D.C. 20049.
by CNB