How to determine if a Will or Trust is best?
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How to determine if a Will or Trust is best?
My father-in-law wants me to have one of his homes after his death. It still has a small balance. What is the best way to secure his wishes without other family members trying to take it once he’s dead or have the bank attempt to keep it if he dies with a balance due?
Asked on January 15, 2011 under Estate Planning, Alabama
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You need to go and seek help from an estate planner in your are with your Father in law. There are many ways that one could effectuate transfer of the house: Will, Trust, Transfer with Life Estate, etc. But what is best really can not be determined without looking at the whole picture: all his assets and your financial position as well. The bank will have a right to accelerate the mortgage upon his death so you need to deal with that. You will either have to refinance or if your father in law has other assets, maybe they can pay the balance. Or maybe you just want the right to sell it and the proceeds after the balance is paid in full. These questions need to be answered. Good luck.
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