Can my mother bequeath her share of home equity to her other children?

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: 04/07/2025
• State: National

Answer:

To ensure that your mother’s share of the home equity is divided among her three children after her death, she can create a will that specifies this distribution. She can designate her share (50%) to be divided equally among her children, which is known as bequeathing property per capita.

It's important to note that property passing through a will may go through probate, which can take time and vary by state. Some states offer expedited procedures for small estates, which could be beneficial. Additionally, your mother might consider setting up a trust to distribute the property without going through probate.

Regarding the provision for your brother to provide your mother’s share of the equity to her other children within one year, this could be formalized in a contract or a promissory note. This note would outline the obligation and timeline for payment. It’s advisable for your mother to consult a local attorney to explore these options and understand any tax implications involved.