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msbegonia92 · Joined: 24 May 2010 Posts: 2 1.00 Dollars($)

My sister lives next property over, my brother lives and owns a home five hours away, and has no desire to own the property outright. I would like to ladybird my share of the home to my two children. My sister, likewise would do so with her one child. I would like to reside in the home, which maybe worth 60k or so, and maintain the additional acreage. My siblings would go along with it, as long as I pay the lien of 8k . Of course, I would both do the required maintenance on the home, which needs plenty of TLC. I am unemployed and 60. My spouse works as a nurse. I have a not good credit rating, but my children would do their part to keep the ling standing property in the family. Please advise. I live in Michigan (rural).

smithsussane · Posted: Mon May 24, 2010 9:56 pm Post subject:

Hi msbegonia!

Welcome to forums!

You will have to contact an attorney and probate the will first. After the probate is complete, you will have to record the will at the county recorder's office and get the property transferred in your name. After that, you would be able to transfer the property to your children.

Feel free to ask if you've further queries.

Sussane

msbegonia92 · Joined: 24 May 2010 Posts: 2 1.00 Dollars($)

Sussane, We are already doing exactly what you say, the process begins when our attorney receives the death certificate. I am to inquire at that time how to complete the ladybird deed option. I have had credit problems and do not wish to confer them upon my children. My "kids" wish to keep the homestead in the family, my brother's two children do not. My sister's one child lives far away, but will get the deed.Her one grandchild has expressed an interest,however. Atangled web, to be sure. but so far we have been amic

jameshogg · Posted: Tue May 25, 2010 9:12 pm Post subject:

Hi msbegonia,

You will have to contact a real estate attorney and he will help you in drafting the ladybird deed as well as filling it out and recording it at the county recorder's office.

Thanks

Guest

jameshogg, thanx for the input. Yesterday, we did a market analysis, awaiting result. The realtor gave us some good insight into the property's worth, even pointing out that two pieces, 2acres across the road, and 2 acres across some RR tracks with an easement which are "buildable lots". This could help us with cash flow to cover the lien. Our attorney is working on the probate requirements . I will keep you posted.

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Mom dies, leaves a will, A house and fourty acres left equally.