QUESTION
How can I ensure that my brother will receive the property in the event that I died?
Asked on Mar 12th, 2014 on Estate Planning - Michigan
More details to this question:
I have a mortgage in my name on a home that my brother is paying for. We currently have a lease agreement. In the event something happens to me, what do I need in place to ensure he receives the property?
18 ANSWERS
Edwin K. Niles
You could place the property in joint tenancy (not a good idea), sign a will in his favor (a better one), or execute a trust in his favor (the best way to go). See an estate planning lawyer.
Answered on Mar 13th, 2014 at 6:07 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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This can be accomplished by a contract, a deed, a trust, or a will.
Answered on Mar 13th, 2014 at 5:51 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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I assume that if the mortgage is in your name, then you are the deed owner of the property. You need to make a will leaving that property to your brother. As long as he continues to make the mortgage payments, he'll be fine.
Answered on Mar 13th, 2014 at 1:32 PM
You can deed the property to you and your brother as joint tenants (or place the property in trust with him as beneficiary).
Answered on Mar 13th, 2014 at 10:36 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Well, you could and should make a will bequeathing the property to him. That is the best way. You could try and finagle with the deed but that may raise eyebrows with the mortgage company and who wants to do that. I suppose that you could amend the lease so that when the mortgage is paid in full, you or your estate agree to transfer the title to the property to him. But again, that is more complicated than a will.
Answered on Mar 13th, 2014 at 9:53 AM
There are a number of things you could do. The best would be to set up a trust, transfer the house into the trust, and name your brother as a beneficiary in the trust documents. You could also specify in a will that the house should go to him. You could also deed the house to you and your brother as joint tenant, with rights of survivorship, so that in the event of either one?s death the survivor would own the house 100%.
Answered on Mar 13th, 2014 at 9:52 AM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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A will.
Answered on Mar 13th, 2014 at 8:16 AM
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In this instance, I would set up a living trust with a special carve out provision naming your brother as beneficiary of the property in question. Also, is there equity in the home? Why is your brother paying the mortgage? These would be follow up questions so I could fully understand your concerns. Are you worried about your sudden passing and leaving a liability for your brother? A small life insurance policy naming your brother as a beneficiary could also integrate into your estate planning needs.
Answered on Mar 13th, 2014 at 7:09 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Grant deed the property to brother.
Answered on Mar 12th, 2014 at 10:24 PM
Taxation Attorney serving Charleston, WV
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C. Page Hamrick III
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You could make a Will, devising the property to your brother.
Answered on Mar 12th, 2014 at 10:18 PM
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You should leave a will.
Answered on Mar 12th, 2014 at 9:50 PM
You will need a will to bequeath the property to your brother. However, if you do not have enough assets at the time of your death to cover all of your final bills and taxes, the house will have to be sold to cover the gap. You can also add your brother's name to the deed on the house but there may be tax consequences. Check with experts before making a decision.
Answered on Mar 12th, 2014 at 9:24 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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There are a number of ways to do that, except doing nothing. Each has benefits and detriments. You should discuss your desires with an attorney.
Answered on Mar 12th, 2014 at 9:24 PM
Thomas Edward Gates
You need a will designating that your house goes to him.
Answered on Mar 12th, 2014 at 9:24 PM
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You need a will or trust. Trust is more expensive up front but cheaper on the back end. Meet with an estate planning attorney.
Answered on Mar 12th, 2014 at 9:23 PM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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A recent Illinois statute allows you record a transfer on death instrument. If in place, the property would pass to your brother outside of your probate estate. The grant can be reversed and would not inhibit sale of the property without your brother's consent. You could transfer the property to you and your brother as joint tenants. In this case you would not be able to transfer the property without your brothers consent. Since your brother would have an ownership interest you would need an agreement other than a lease to assure he continues to pay the mortgage.
Answered on Mar 12th, 2014 at 9:23 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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For starters, you want to set things up so that title passes to him, in the event of your death. The mortgage company is not going to care, as long as he makes payments on the debt. But if you do not structure this properly, he would need to go through probate, and it is possible that someone else would have intervening rights. I would strongly suggest that you meet with an attorney to discuss your situation in more detail and to make sure things are set up properly.
Answered on Mar 12th, 2014 at 9:23 PM