How to determine if a Will or Trust is best?

Get Legal Help Today

secured lock Secured with SHA-256 Encryption

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 11 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.


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 lock Secured with SHA-256 Encryption