Legal Question in Wills and Trusts in District of Columbia
"Sell",transfer ownership of my fully mortgaged home to heirs
I can carry the mortgage and taxes, etc. on this home through pensions and savings. Should I become mentally/physically incapacitated and have to relocate, I would prefer now in time of health to have transferred, given, sold this home that has yet to accrue any equity, to my "estate"/three children to: a: give me right to live here until ...; then the owners, my children/estate can sell it or buy it from the other two children. Can I do this? Is it legal? Would it be a financially sound move to make. I am 72. My insurance will cover the cost of entire mortgage and some. Thank you
1 Answer from Attorneys
Re: Tfr. of home; Estate planning
1.It sounds as though you should prepare a Durable Power of Attorney now, giving your son the right to sell your house, sell stocks, etc. in the even you become incapacitated.
2. Why sell now? If you want to make a gift to the kids, to get the house out of your estate, you can transfer it by deed outright to your child and/or children now. However, your kids would lose the free "step-up" at death if you made that transfer now.... I wish you well!!
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