My relative says that he wants to leave me his house when he passes - while i am not looking forward to that, I think we do have to prepare now - am I right?
Quest#2 - should he leave me the house in his will OR sell it to me for a small price now?
2007-04-26 14:05:36 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
This just happened in our family. If your loved one has children you may want to consider their positions. It can cause hard feelings no matter how many times you hear that "you should have the house". Ask yourself how you really feel about the home. Ultimatley this is a gift that is being offered to you out of love. Prepare now. Transfer the ownership while your relative is not terminal and possibly medicated, as this could cause a reason for interested parties to contest the will. A quick deed is a good way to transfer property. Check into your options since this will effect your taxes.
You do not want a will that is contested or for the house to end up in probate!
2007-04-26 14:19:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, prepare now. Don't wait until it's to late or you can have serious legal problems.
Buy it for a small price now. You can have tax problems inheriting the house. And if you want to sell the house you may have a hard time finding a buyer. Many people do not like buying Estate sale houses. Some relative of the deceased could pop up and contest a will and the buyer gets screwed.
2007-04-26 21:25:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There are three things you need to know.
1. It must be mentioned in a will that you will get the house.
2. I don't think he can sell the house to you, but check out the anti-discriminatory laws in your area to make sure. General anti-disciminatory laws state it has to be open bidding.
3. You will have to pay taxes on this property and the amount can change depending on the tax laws of when the person finally hands the property off to you. You might be safe to think that it's going to be one third of the value of the property. You can then mortgage the home to pay off the taxes and the interest from the mortgage.
2007-04-27 02:03:44 · answer #3 · answered by gregory_dittman 7 · 0⤊ 0⤋
Well if you want to have the house now then sell it to you for a small price. But, if you don't need the house then just have him leave it to you in his will.
2007-04-26 22:28:17 · answer #4 · answered by yolandajdukes 2 · 0⤊ 0⤋
depending on you who your relative is,......are you in the will,.....or is there a living trust,.....yes if you do not prepare,.....i did my fathers trust, and it was some work,.....but i also did my mothers thing to, as my father and mother died withen a three month peroid of time,.....and i wont even talk about my wife who died a few months be fore they died,.....get it in writing,.....an\y questions?,.....get a hold of me,.....i will try to help you if you want,.....rogueriverbob
2007-04-26 22:48:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It depends you can sell it or use it as rental property.
Sell it to you and you don't have to go through probate when he dies.
2007-04-26 21:18:34 · answer #6 · answered by King Midas 6 · 0⤊ 0⤋