What are my rights to a home that I will inherit?

Get Legal Help Today

 Secured with SHA-256 Encryption

What are my rights to a home that I will inherit?

If my mother inherits the house to me do I have to wait until she passes? House is free and clear of everything. Or should i buy it from her now for 1.00? My plans are to keep the house and when she passes is to move into it with no intentions of selling it. Also, I want to take out a home equity line of credit and start getting windows and other things taken care of. I would like to do this while she is still living.

Asked on October 30, 2016 under Real Estate Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

First, you have *no* rights to a home you expect to inherit until your mother passes away and you do in fact inherit it. The disposition of property upon death does not provide any rights while the person is still living and she could, for example, give or sell the home to someone else while she is still alive and you would have no claim on it and no right to stop that transaction. Similarly, she could change her mind and will it to another person and that would be legal. So the fact that right now, you expect to inherit, is meaningless.
Second, of course, you can't buy the home from her for any price, let alone $1.00, unless she voluntarily agrees to sell it to you for that price--you can discuss the matter with her, but it's her choice whether or not to sell.
Third, if you can get her to agree to sell, discuss the matter with an accountant or CPA first: depending on its value, what she sells it for, etc., there may be significant tax implications for both you and her.
Fourth, if there is a mortgage, then it would be need to be paid off before the home could be sold or transferred to you.
Fifth, discuss with her the possibility that she will give you a "remainder" interest in the home now while keeping a "life estate" for herself. To simplify: the home becomes yours the moment she dies, without it having to go through probate but she has the right to live there for the rest of her life so long as she does not damage the home. If she's open to this idea, consult with a real estate attorney about the details.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption