My brother and I would like to help my sister by letting her have my deceased parent's home. Since she has a mental disability we do not want her to sell the home and then blow the cash. Is there a cheap way of doing this? Is there an alternative to going to a lawyer and having the house put in trust for her? Could we be custodians through a bank or something? Also, with any of our names on the inherited house, would we have to pay income tax. This is a small estate.
2007-02-22 06:55:18 · 4 answers · asked by Joyce 2 in Politics & Government ➔ Law & Ethics
Yes, it's called tenant for life, and the property falls back to you and your brother when she is deceased, or to you heirs. She can't sell it or do anything but live in it and NO ONE can put her out, including you or your brother once the deed is sighned , noterized and recorded. I'm not sure who pays the taxes but I believe it is her. A trust is not necassary. You can speak with a real-estate attorny for a small fee, just to cover any future problems.
2007-02-22 07:04:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You don't say whether she is already part owner. You should never give a person with a mental disability ownership of an interest in real property -- unless your goal in life is to spend your $$ on lawyers. If YOU own the house, just let her live there. If SHE is part owner she can't sell it without you anyway. If she has been adjudicated mentally incompetent or is psychotic enough that you can't deal with her, you will HAVE to have a guardianship or trusteeship established in order to sell, mortgage or simply deal with the property and its maintenance. There is NO easy or cheap way of dealing with real property owned by people who are incompetent.
2007-02-22 15:11:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In the transfer of deed, you may attach a notification of " Power Of Attorney " that's You. Usually when a home is sold a title search is done to insure no "liens" are still pending against the house and/or property. Another way might be to have her sign a reversal of ownership in the event of diminished capacity.
2007-02-22 15:16:48 · answer #3 · answered by Chuck-the-Duck 3 · 0⤊ 0⤋
Talk to an attorney. It has been done. Maybe a trust of some sort.
2007-02-22 15:05:04 · answer #4 · answered by ThePerfectStranger 6 · 0⤊ 0⤋