QUESTION
Is there a document to accomplish saying that I’ll get the property should my brother pass away because of the loan I gave him?
Asked on Feb 27th, 2014 on Estate Planning - Oregon
More details to this question:
I loaned my brother money for a down payment on a home. We agree that upon his passing the property should go to me or my survivors.
17 ANSWERS
Edwin K. Niles
You have several choices.
1. Have him sign a promissory note and deed of trust.
2. Have him add you to title as a joint tenant.
3. Have him sign a will in your favor (not advised as it is too easy to change the will).
Answered on Mar 04th, 2014 at 8:15 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You would have the right to foreclose, but I suppose the best way to do it would be for brother to deed the property to himself with a life estate and the remainder to you. But what if he pays the loan off and pays you off? Does he have any other heirs besides you? Sons? Daughters? I believe that there are a number of questions that need to be answered, so I suggest the two of you go to a local real estate attorney who can ask the questions and give you good advice.
Answered on Mar 04th, 2014 at 8:14 PM
The terms of this agreement should be in writing and signed by both of you. FYI: I would discourage my clients from making this kind of a deal. Potentially, you could prevent your brother from selling the house and he could leave you with a property that you don't want at the time of his death. It would also leave his spouse and children homeless.
Answered on Mar 04th, 2014 at 8:14 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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I could certainly prepare documents to accomplish this. I assume from your question that you don't have such documents now.
Answered on Mar 04th, 2014 at 8:14 PM
Your brother should set up a trust reflecting your arrangement and then deed the property to the trust.
Answered on Mar 04th, 2014 at 8:13 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Suggest you obtain the services of a real estate attorney to prepare the correct document to secure your loan. Brother could give back a promissory note and a deed of trust for the sums loaned showing the fact you loaned the money and the money is secured by a lien upon the land.
Answered on Mar 04th, 2014 at 8:13 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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There are a number of ways of handling this, but it should be done in writing and as soon as possible. I would suggest you contact an attorney to make sure this is drawn up properly.
Answered on Mar 04th, 2014 at 8:13 PM
3 Awards
You really should address it with an attorney who understands the entire transaction. Maybe deed where he retains a life estate? Without all the details, it is difficult to guess.
Answered on Mar 04th, 2014 at 8:12 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You will need a document to support that agreement.
Answered on Mar 04th, 2014 at 8:12 PM
Neal Michael Rimer
A Will can accomplish a transfer on death to you. But, be aware that a Will can be changed at any time while the testator is competent and before his death. There are other methods that could be used, including trusts.
Answered on Mar 04th, 2014 at 8:11 PM
Thomas Edward Gates
He needs to make a will.
Answered on Mar 04th, 2014 at 8:10 PM
Alimony Attorney serving Klamath Falls, OR
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EveLyn Oldenkamp
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Yup, simply put it in his will. Otherwise, you can attach a document to the title of the property.
Answered on Mar 04th, 2014 at 8:02 PM
2 Awards
Your brother needs to make out a living trust spelling that out.
Answered on Mar 04th, 2014 at 8:02 PM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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You could record a mortgage to secure your loan from third party creditors. Illinois allows a Transfer on Death Instrument which will transfer the property to the named individual on the death of the owner, but this does not protect your interest in the event of third party creditors or from transfer by your brother during his life. You could be made a joint tenant with rights of survivorship by recording a new deed. In this case the property could not be transferred without your consent and it would be owned by the survivor of you and your brother but if you passed away first your descendants would not receive the any interest.
Answered on Mar 03rd, 2014 at 6:29 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Yes there is but it has to be recorded against the deed its a private mortgage. Contact an attorney.
Answered on Mar 03rd, 2014 at 6:28 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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He should write a will, leaving the property to you as repayment for the debt.
Answered on Mar 03rd, 2014 at 6:27 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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There is a "transfer on death" deed; it's not ideal but you could use one. You should also have a written promissory note and a trust deed on the property. Or, your brother could do a will specifically devising the property to you.
Answered on Mar 03rd, 2014 at 5:57 PM