What to do if father passes to keep bank from taking belongings?

Discussion in 'Family Life - Stories, Pictures & Updates' started by reveriereptile, Jan 23, 2014.

  1. reveriereptile

    reveriereptile Chillin' With My Peeps

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    My father is in bad health and my sister and me are worrying about his belongings. He has a mortgage on his house that my sister would like to live in after he passes. She would have him put her name on it but it might mess with his medical assistance. We don't want the bank taking it or his cars to pay the medical bills. My sister would like to take over the mortgage after he passes.

    My husband is an attorney but I haven't talked with him about it and he doesn't deal with that type of law and we live in NY and they live in IL.

    Anyone know anything that we could do while he is still around so we can have him sign stuff. I'm flying down at the end of next week for him to see his grandson. I would be able to sign stuff in front of a notary while I was down there if they needed me.
     
  2. sourland

    sourland Broody Magician Premium Member

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    You do need to speak with an attorney, and hopefully your husband has the answers you seek.
     
  3. reveriereptile

    reveriereptile Chillin' With My Peeps

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    My husband doesn't know. He said he has been asked before but doesn't know enough about that section of law.
     
  4. oldrooster

    oldrooster One Crazy Nut

    have a lawyer whom does wills and trusts look into it, more than likely a trust could take care of any problems, but get a good lawyer.
     
  5. cassie

    cassie Overrun With Chickens

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    One thing you could do now is to change the title on the property. Your sister could be on the deed as a tenant in common or joint tenant. I forget which is which, but with one of them, if one of the owners dies his share automatically goes to the other tenant. That's the one you want. This can be done at the recorders office without going through the bank. That said, you need to see an attorney and sooner is better.
     
  6. reveriereptile

    reveriereptile Chillin' With My Peeps

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    I'll let my sister know. I did see something online about a Transfer on Death Instrument Act. From what I understand is if they set up one then the real estate would go to her once he passes. That would keep the bank out of it and probably not mess up his medical assistance since he has full control of the property till death.
     
  7. memphis

    memphis Overrun With Chickens

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    Sourland is right. Contact a lawyer & get sound advise. I'd hesitate to take arbitrary advise from us clucks.... planning may differ per state...but then again I'm a chicken person & don't know anything about estate planning.
     

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