Full question:
My mother and brother share a home mortgage. My brother recently got married. The title and the loan to the house is both under my mother's and brother's names, which they refinanced after my brother got married. My mother would like to draw-up a will that ensures, that in the event of her death, she would like to bequeath her share of the home equity (which should be 50%) to her other 3 children, equally divided. Additionally, she would like to include a provision (perhaps in a contract?), that the other party (my brother) agrees to provide my mother's share of the equity to her other 3 children, within, a window of 1 year. So, what type of a will and/or contract does she need to make this happen? Is this even possible?
- Category: Wills and Estates
- Date:
- State: National
Answer:
When a person dies and seeks to have the property bequeathed divided equally among children, they may be named in a will and designated to receive the property "per capita", or in equal shares, such as 1/3 each among three heirs. Property that passes under a will may be subject to time frames involved in probate court procedures, which vary by local area. Some states have expedited procedures for small estates, whose amount varies by state.
In some cases, it may be specified that money received is an advance to be deducted from a future inheritance. In other cases, a trust may be set up to distribute property, without going through the probate process. It is also possible to create a promissory note payable at a
future date. I suggest contacting a local attorney regarding the legal options and tax implications involved.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
