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inherit the house

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quest Guest 0.10 Dollars($)	Posted: Sat Oct 28, 2006 2:28 pm    Post subject: inherit the house we are four children who are going to inherit our father's house upon his death. what would be way to avoid probate delays and costs after his death and easily inherit the house
colin Moderator Joined: 30 Jun 2006 Posts: 602 Location: Waltham, Massachusetts 112.62 Dollars($)	Posted: Sat Oct 28, 2006 3:09 pm    Post subject: Hi, One way to avoid going through a probate and the involved costs would be to create a living trust with any one of you four brothers named the successor trustee. After his death all the assets of the living trust will pass over to you all without probate being necessary as per the terms that are set for the living trust. Thanks Colin
M. Kay Guest 0.10 Dollars($)	Posted: Sat Oct 28, 2006 3:21 pm    Post subject: Yes, living trust is a good option and as long as your father is alive, he will have the authority to manage his property as usual, as he is having now and would be able to sell or refinance it if he likes.
blue Joined: 21 Oct 2005 Posts: 1138 Location: MARYLAND 137.64 Dollars($)	Posted: Sat Oct 28, 2006 3:56 pm    Post subject: Hi Quest, Probate is carried out to distribute property which exists in the name of the deceased. So, if the property is transferred to a living trust, then the trust and not the deceased person gets to own the assets. So, creating a living trust is preferable. The information provided in our previous discussion will help you to know how your father can Create the living trust. Blue _________________ Lets help each other. Try my blog
Samantha Community Mentor Joined: 16 Sep 2005 Posts: 1539 Location: MASSACHUSETTS 137.28 Dollars($)	Posted: Sun Oct 29, 2006 10:52 pm    Post subject: RE: How to avoid probate and inherit property Hi Guest, Another way to inherit the house without probate is to let your father sign a beneficiary deed. Your father needs to sign the deed while he is still alive. The deed may have the names of all the would-be owners or beneficiaries but your father will retain the legal right to stay in the property or refinance it. He can also offer rooms for renting purposes or provide some office space. In other words, your father being the original owner can do anything he wishes to do with the property throughout his lifetime without taking your (beneficiary) permission. And, after his death, you can easily inherit the property along with others without probate. Hope this information will help to clarify your doubt. God bless you Samantha. _________________ Know how to compare lenders with mortgage booklet

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