Homeloan as guardian

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marbro

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So, Wife and I bought a house last year

She passed away this year, Her will leaves her assets to Me, and our two kids

This includes the house, which now we divide her portion into 3. If im understanding it correctly.

Thankfully the credit life cover has paid the house off, But I would like to keep the bond open to use to improve the house, kill off debt we incurred during treatment and then just as a safety blanket. Im not used to being a single mom so that would help alot..

What are my options?
Loans currently with Nedbank, Knob of note is "Assisting" me, Keeps telling me to go to a branch, No further information

I have approached FNB, as I bank with them and they are kinda starting the process, but I wanna see what my options are. So obviously I come to a bunch of rando's on the internet for advice.

Help
 
You can keep the bond open with a R0. Only fee will be your service fee. You dont need to contact or make an arrangement. Its very simple
 
Just take note. It wise to keep the balance open at R100. It its R0, it will go dormant, and if you need money, you will need to make it active again
 
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marbro said:
out of, no accrual thingy...

basically the only things linking us, house bond/title and our std's

kids. i mean kids
Click to expand...

Did you own 50% each of the house?

Did she leave her full 50% to you or did the will specify 33% to you and 33% to each of the children?

Is the knob you refer to the executor?

I'd get a lawyer or accountant with experience in execution in will involved as early as possible for advise. Don't let the knob do the bare minimum and then you end up in a position later on where you need to incur unnecessary expenses due to the knob structuring your affairs in the manner which results in the least amount of work for the knob.
 
zerocool2009 said:
You can keep the bond open with a R0. Only fee will be your service fee. You dont need to contact or make an arrangement. Its very simple
Click to expand...
According to Maurice at Nedbank, Nope... accounts paid up, account closed!
it might be because i reported him to about any and every complaints dept because he stopped replying for a week

@PhreakBoy , Knob is the guy dealing with the homeloan at Nedbank. Very lazy, hard to get hold of etc.
I own 50%, she owned 50%,
Her will said it must go to Marbro, Kid 1 and Kid 2. So I'd assume that means I get 33% and they get 33 each too..?

Im waiting on FNB to get back to me

FNB are executors
Also, word of advise DONT GIVE YOUR WILL TO FNB
 
marbro said:
According to Maurice at Nedbank, Nope... accounts paid up, account closed!
it might be because i reported him to about any and every complaints dept because he stopped replying for a week

@PhreakBoy , Knob is the guy dealing with the homeloan at Nedbank. Very lazy, hard to get hold of etc.
I own 50%, she owned 50%,
Her will said it must go to Marbro, Kid 1 and Kid 2. So I'd assume that means I get 33% and they get 33 each too..?

Im waiting on FNB to get back to me

FNB are executors
Also, word of advise DONT GIVE YOUR WILL TO FNB
Click to expand...

I'm no expert but I would think you have 50% + 1/3(50%). Kids will have 16/17% each.
 
marbro said:
According to Maurice at Nedbank, Nope... accounts paid up, account closed!
it might be because i reported him to about any and every complaints dept because he stopped replying for a week

@PhreakBoy , Knob is the guy dealing with the homeloan at Nedbank. Very lazy, hard to get hold of etc.
I own 50%, she owned 50%,
Her will said it must go to Marbro, Kid 1 and Kid 2. So I'd assume that means I get 33% and they get 33 each too..?

Im waiting on FNB to get back to me

FNB are executors
Also, word of advise DONT GIVE YOUR WILL TO FNB
Click to expand...

I cant comment on other banks besides FNB. But I would never ever close a bond that is paid up.

Regarding the last sentence ... jip ... everyone wants their pound of flesh
 
zerocool2009 said:
I cant comment on other banks besides FNB. But I would never ever close a bond that is paid up.

Regarding the last sentence ... jip ... everyone wants their pound of flesh
Click to expand...
Yes, but seeing as ownership of the property will change, the existing bond will automatically be cancelled. The bond can only be in the name/s of the registered owner/s.

So FNB is not unique on this issue.
 
krieg said:
I'm no expert but I would think you have 50% + 1/3(50%). Kids will have 16/17% each.
Click to expand...
yeah,
I phrased it kak like... so yeah i have 66ish % they have the rest. either way, multiple owners,
2 of the three owners arent allowed driving or drinking. So im wondering about the bond
 
marbro said:
yeah,
I phrased it kak like... so yeah i have 66ish % they have the rest. either way, multiple owners,
2 of the three owners arent allowed driving or drinking. So im wondering about the bond
Click to expand...
Might have to look at putting the property in a trust in order to handle that.
 
vigras rojara said:
Might have to look at putting the property in a trust in order to handle that.
Click to expand...

@marbro what Vigras said. Hence why I suggested get an independent expert involved. You may be able to save on charges going direct to trust. I'm not sure how title deeds and minors work. You may only be able to get a bond against your 50 + 17% (67%).

Don't leave it up to the knob and the FNB executor. Get your own advise. Lawyer shouldn't be too expensive - the one I use gave my dad similar type advise for around R2,500. Fixed fee should be enough for advise and he may be able to make a few Rands if he can process the transfers on your behalf.
 
If I am in your shoes, I would do a SOD, as you need to put the bond only in your name, but keep it open.

Put your children's name on the testament (as simple as that)
 
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