inherit the house

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quest

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Post Posted: Sat Oct 28, 2006 2:28 pm    Post subject: inherit the house
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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
Icon Mini Profile colin
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Post Posted: Sat Oct 28, 2006 3:09 pm    Post subject:
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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

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Post Posted: Sat Oct 28, 2006 3:21 pm    Post subject:
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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.
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Post Posted: Sat Oct 28, 2006 3:56 pm    Post subject:
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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.

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Icon Mini Profile Samantha
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Post Posted: Sun Oct 29, 2006 10:52 pm    Post subject: RE: How to avoid probate and inherit property
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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.

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Hudson

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Post Posted: Wed Dec 17, 2008 7:38 am    Post subject: Brown
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My father wants to leave his house to me after death...I've been paying on the loan all along and wondering what I have to do to keep home. What do I file to keep home loan?
Tee

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Post Posted: Thu Jan 15, 2009 7:08 pm    Post subject: Warranty Deed
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My husband and I are divorced. He was awarded the house in a divorce decree. He now wants to refinance the house and has asked me to sign a warranty deed so that my name will be cleared from the property. Is there something that I need to know or watch for during this transaction. Does this mean that I will no longer be responsible legally for this property?
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Post Posted: Fri Jan 16, 2009 1:32 am    Post subject:
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Hi

To Hudson,

Your father and you can go for a joint tenancy with right to survivorship. This will help you in inheriting the property after your father's death.

To tee,

Once you sign the warranty deed and your husband refinances the property in his name, then you will not be responsible for the mortgage payments anymore.

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TexinNY

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Post Posted: Wed Apr 14, 2010 7:02 pm    Post subject: wife will inherit house with 2 siblings
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If one or possible two decides not to sell the property what options does my wife have optaining her 1/3 share of the value. Assume the other sibling do not have enough equity to buy out her share.
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Post Posted: Wed Apr 14, 2010 10:56 pm    Post subject:
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Welcome Tex,

Your wife can ask her siblings to buy her out and can transfer the property to them. If the property does not have the required equity, then all the 3 of them can sell off the property and divide the sale proceeds amongst themselves.

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TEXinNY

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Post Posted: Thu Apr 15, 2010 4:55 am    Post subject: thanks and
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What are the options does she have if her sister who does not have the means to pay for maintence of the house etc Who may still may be living in the house... Refuses to sell the place out of sentimental reasons. My wife is worried that instead of receiving her 1/3 share she will be paying the upkeep on the place. My wife is considering giving up her share of the inheritance due to this fear. Also, this is a future concern (not happening for a few years and the house represent a significant equity (also maintenance) but not enough to retire from working.
song bird

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Post Posted: Thu Apr 15, 2010 1:25 pm    Post subject: Lifetime tenancy
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My relative wants to leave her house to me, and allow her fiance a lifetime tanancy. My relative wants me to pay the house off after death then let fiance pay me monthly for land tax.
Who pays for home ins, repairs etc?
What if they don't pay?
Have someone else move in?
Wants to leave?
Can a relative inherite the tenancy?
Icon Mini Profile smithsussane
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Post Posted: Fri Apr 16, 2010 12:14 am    Post subject:
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Hi!

Welcome to forums!

To TEX,

Your wife will not be able to force her sister to sell off the property. Her sister is also the owner of the property and without her signatures, the property cannot be sold off.

To song bird,

Though the fiancée would have life estate rights, you would be considered as the owner of the property. Thus, you would be responsible for the home insurance and repairs.

If you've a written agreement with the fiancée, then he'll have to pay off the dues as per the agreement. The fiancée would have the rights to live in the property but I don't think he would be able to move in someone else. After his death, the life estate clause will become null and void and you would become the owner of the property.

Feel free to ask if you've further queries.

Sussane
tonice

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Post Posted: Wed Apr 13, 2011 9:40 am    Post subject: grandmother passed grandfather built home
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they have both passed. i have POA and Executive of will and house was left to me and my brother. but i haved lived here for years was raised here. my brother wants no part of it. i have no clue what i need to do. can you help
Icon Mini Profile jameshogg
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Post Posted: Wed Apr 13, 2011 11:43 pm    Post subject:
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Hi tonice,

Your query has been replied to in the given page:
http://www.mortgagefit.com/propertytransfer/poa-no-money-owed.html

Please take a look at it. I hope it will help you.

Thanks
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