My grandfather owns 3 houses and is giving one to each of his chrildren. His two sons live in 2 of them already but since my mother passed away when I was 8 he wants to give the 3rd one to me we he dies.
The question I have is that his 2 sons want the house and want to sell it when he dies so they can make money off it. My Grandfather really wants me to have it because he loved his daughter and feels that I should receive it, he also wants it to stay in the family for more generations.
My Grandfather is losing his memory and is getting kind of crazy. He wants to put my wife and I on as owners along with him and my grandmother. He says the the law in Colorado states that when there are four owners and 2 die the other 2 will own it.
I just want to know if this would be the best way to do this, are there any problems that will come up doing it this way? Would it be better to have the house willed to us? Should I try to convince him to will it to us?
2007-03-14 16:04:38 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I just don't want to get into a legal battle over it with my uncles or end up have to pay outrageous money for it.
2007-03-14 16:05:38 · update #1
How do I do that?
2007-03-14 16:12:56 · update #2
Just need to put on the deed as joint tenant
with right of survivership. As he should with the other properties concerning his sons.
Of course if he is not of sound mind right now it maybe to late. Prob would go to probate.
A shame if those were indeed his wishes
2007-03-14 18:07:28 · answer #1 · answered by Robert 2 · 0⤊ 0⤋
Dragon fire has the right idea. Get your grandfather to an estate planner or attorney while he still have a semblance of memory and make a living revocable trust putting all the property in so everyone will know what is going to whom and under what circumstances it will be given. he can put his wife in the trust making you the executor,or whom ever he wants to be the executor.
This is a legal document where he can control the property until his death after which it will got to the new legal owner. The cost to accomplish this should be a little below $500.00.
The great part of this is that with a will you will have to go to probate, a living trust eliminate probate thus estate taxes and court cost and probate cost.
The possible problems doing it the way you want is that your uncles can say that your grandfather did not know what he was doing thus challenge the deed in court.
You need to do this as soon as possible.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-03-14 16:34:28 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
By far the best plan would be to either take sole ownership through the will, or get some sort of title now. A way of doing this is for you to purchase the place now, and have grandfather take back a mortgage for most of the purchase price. You make market value payments on the mortgage; grandfather may choose to gift some or all of those back to you (up to $12,000 in any year). You might take out a life insurance policy on him sufficient to pay off the mortgage; the proceeds would go to the estate, and (unless otherwise specified by will) be divided among the heirs -- so you would get some of it back. A competent estate planner may be able to come up with other angles on this.
2007-03-14 16:17:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
no longer adequate preparation right here to propose you. in the experience that your adoptive mom (or all and sundry else) is truthfully abusing then you definitely call infant Welfare or the police and make the region prevalent to them . while you're in a secure place and with an person of good character they might probable do no longer something and by using the time the study is complete you would be 18. If its purely a combat with mom , then advance up and bypass homestead. while the three weeks is up you're able to do what you prefer. Your bio-mom , if she has no criminal status, could in keeping with risk be charged with contributing to the delinquancy of a minor, if she helps you to reside against the adoptive mom and father desires. living on your very own at 18 isn't effortless nevertheless. extremely in case you prefer to attend a school.
2016-12-14 19:27:23 · answer #4 · answered by ? 4 · 0⤊ 0⤋
This is NOT legal advice, but in our state, you can be put on the deed by quit claim. It is cheap, simple and very understandable by someone with the limitations you describe. Get sound legal advice from a real estate lawyer, not just any lawyer.
2007-03-14 16:58:02 · answer #5 · answered by flip that house 1 · 0⤊ 0⤋
don't will it over
put in it a living trust
on a will you pay estate taxes as if a realestate transfer
where as in a living trust the house never transfers since you were always owners in a trust, so no estate taxes
2007-03-14 16:09:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋
A WILL IS A GOOD IDEA.
YOU GET IT FREE AND CLEAR AFTER DEATH.LIVING TRUST YOU CAN'T DO MUCH WITH IT.
HAVE ATTORNEY DO A SIMPLE WILL LEAVING HOME TO YOU AND WIFE AFTER HIS DEATH.
SOONER THE BETTER
2007-03-14 16:14:45 · answer #7 · answered by cork 7 · 0⤊ 0⤋