I am mid seventy I live in a single family dwelling. My adult daughter lives with me and helps me with upkeek expenses. Her name is not on the mortgage papers. How can I assure she can live in the house and finish paying for it.Wiht having the expense of refiniancing the house.
2 Answers from Attorneys
There are a couple of possibilities but it can be done. One is properly written will that leaves her the property. One is a transfer while you are alive (adding her as a joint tenant with right of survivorship or deeding property and reserving a life estate). Depending on the facts, one of these may be the right choice. None are expensive. I'd need more facts to determine the best options. (There are potential tax consequences, advantages and disadvantages to different options). Please call me at 404-768-3509 and I'd be glad to arrange an appointment to assist you.
I agree with Atttorney Ashman but note that you cannot transfer the home to your daughter outright as it might violate the due on sale clause. In addition to adding her name to the deed as a joint tenant with right of survivorship and conveying by will, depending on what else you own, you could convey to a revocable living trust (it will not violate the due on sale clause) and make your daughter the successor trustee when you pass. The simplest thing is just adding her name to the deed as a joint tenant with right of survivorship. You might also want to speak to your lender about adding your daughter to the mortgage.
Please see a real estate attorney if you desire to amend the deed. If you are interested in a will or trust, then speak to Attorney Ashman or another estate planning attorney in your area.
Related Questions & Answers
How do I get a copy of a Will probated? My mother died five months ago. No other... Asked 8/29/12, 5:51 am in United States Georgia Probate, Trusts, Wills & Estates
I need to have a copy of a Will probated. How can I do it? Asked 8/28/12, 6:41 am in United States Georgia Probate, Trusts, Wills & Estates
Hi, My ex husband who was active duty military killed himself on July 16, 2011. We... Asked 8/24/12, 9:06 am in United States Georgia Probate, Trusts, Wills & Estates
Can a son of an elderly incompetent mother apply for conservatorship of the mother... Asked 8/23/12, 8:23 am in United States Georgia Probate, Trusts, Wills & Estates
What steps do you take if a loved one passes who does not have a spouse or children,... Asked 8/21/12, 1:08 pm in United States Georgia Probate, Trusts, Wills & Estates