Private Mortgage...naming Benificiary

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Posted by Tony C on February 24, 2012 at 08:41:32:

Hi all,

I want to lend money to a relative (my brother) in the form of a secured mortgage and note....and i want to set up the mortgage so that if anything happens to me...the rights of collecting on the mortgage, or ownership of the mortgage passes directly to my heir (without probate issues).

I was thinking a simple 1 page form (in addition to the mortgage and note he would sign), at the time of closing would suffice.

Is there particular language that i can use to include to accomplish this?

Thanks for your input!

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