QUESTION
How do I deal with a potential inheritence dispute BEFORE it becomes a problem?
Asked on Nov 25th, 2013 on Real Estate - New Jersey
More details to this question:
A family member is very sick and wanted to leave someone their house, before they could sign the deed they got very ill and is now incapable of signing it but has a power of attorney. Should the power of attorney simply sign a quit claim deed and hand it to the person meant to have the house? Should the person who is getting the house write a letter up for the other family members to sign so they can't contest the house being given to a single person? If so, what would that type of letter be called and how should it be worded.
1 ANSWER
2 Awards
That 's a very difficult question to answer. Its going to require reviewing many other things such as the mental health of the person he/she was giving away the house, who did the house previously go to? does the person have a will? were there witnesses who heard the person say I want this person to have my house? Is the POA and the person receiving the house the same? Because the POA can not do anything that would be considered "self-dealing". Even if the house is transferred now, it may be brought back into the estate for tax purposes (Estate and /or Inheritance taxes may be due on the transfer). If this gift changes what the person wanted to do with the estate, there are going to be problems with the transfer unless the person it was supposed to go to agrees with the transfer.
Answered on Nov 26th, 2013 at 3:09 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship