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  1. #1
    Join Date
    Nov 2007
    Posts
    7

    Post Keeping a Home In the Family

    I have a question. My mother is getting on in years. She lives in her family house, which she purchased from her brothers and sisters after her mother passed away. The house was built by her Father. She wants the home to stay in the family. I recently moved in with her, with my family, to help her out. I have been helping her with repairs and taking care of bills and so on. She has decided that she would like me to have the house, because of what I am doing for her.

    Besides setting up a will, is there any other way to facilitate this process, i.e. a trust or something? She does have a small mortgage. Any suggestions?

    Thank you in advance

  2. #2
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: Keeping a Home In the Family

    Talk to an estate planning lawyer about setting up a living trust.

    Also, you will need her to make a financial power of attorney and a healthcare power of attorney.

    Obviously, she also needs a will.

    The important thing that you have to convince her of (if that's possible) that the house may not mean anything to her heirs. Attempts by people to control stuff for generations after they are gone always turn out badly.

  3. #3
    Join Date
    Nov 2007
    Posts
    7

    Default Re: Keeping a Home In the Family

    Thank you for the advice... We are planning to talk to an attorney. I was just trying to put some question's together. I am trying to go into this thing, with a little knowledge.

    Thanks again,

    Wayne

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