If we will be building a duplex to live in with my wife’s parents but it will be in their names, how can we make sure that we inherit it when they pass?
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If we will be building a duplex to live in with my wife’s parents but it will be in their names, how can we make sure that we inherit it when they pass?
We both have houses to sell. In-laws will be paying cash for the duplex and we will pay them $1000/month to live there. The tricky thing is we need the duplex to be willed to us when they pass. What is your advice?
Asked on September 23, 2015 under Real Estate Law, Maine
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Your in laws need to place the entire duplex as joint tenants with you both with rights of survivorship. This takes it out of the probate laws and directly to you two when they each pass. That being said, also consider having them draft a trust and you draft a trust just in case.
You should seek guidance from an estate attorney but generally speaking having the duplex owned by all 4 of you as joint tenants should take care of it. There may be tax implications to this as owners and then to pay them $1,000.00.
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