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Company Loan Type APR Est. Pmt.

Life Estate

Posted on: 27th Jan, 2010 04:30 pm
My father has drawn up a will in which a man (who he has known 5 years and didn't even know how to spell his last name!) will be the person who, after my father's death, be living in my father's home until his death. After that the house will be left to his 6 grandchildren. I think this is crazy and he is being taken advantage of. The man will also get half of his money, which is equal to about $250,000. and will be able to do whatever he wants with it...what if this person doesn't take care of the property, what if he has a criminal background and does illegal activities there. I fear that this person may want my dad to die now...and take action to make it happen. I feel stressed about it...but my dad feels like he can trust this person...I am 1800 miles away and can not possibly take care of his property upon his death...any suggestions on what to do or how to bring up these issues with my dad.
>>what if this person doesn't take care of the property

Then you're able to take legal action and do what you need to do to resolve the situation. Same with property taxes and homeowners insurance. Make sure you stay on top of that stuff.

>>any suggestions on what to do or how to bring up these issues with my dad.

It's probably not a subject I'd want to bring up over the telephone. I'd want to be there next to him. I'd want to find out why this person is more important then his family, and voice my concerns about your other considerations. Bottom line is he's entitled to do whatever he wants to with his Estate, but on a personal level I'd want answers to those questions if it was my Dad.
Posted on: 27th Jan, 2010 06:37 pm
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