My in-laws have a house and farm ground that was willed to them and "the heirs of their body", which is two brothers. They have since moved to a new property and my husband and I are living on the willed property. The plan is to leave the willed property to my husband and I and the new property to his brother. How do we get the deed in our name now since it will be ours and we are taking care of it as it is ours?
2 Answers from Attorneys
From what you said, it sounds like your in-laws probably now own the property outright. Transferring it to you and your husband, if that is what your in-laws want, is probably as simple as getting a quit claim deed from your in-laws, but you need to talk to an attorney who can examine the entire situation. There are also estate planning and tax planning issues that should be taken into consideration. You should definitely consult with an attorney in your area.
To completely misquote Mr. Berra, it ain't yours 'til it's yours. If they choose to give it to you now, they might be able to do so. If they have a mortgage, or there are other restrictions, it might not be possible. There may be estate planning and tax reasons why it does not make sense right now. They should speak to an estate planning or real estate attorney to determine the best course of action.