Do i need a living will. i own my home with no children or husband. i want to avoid probate
Endicott, NY |
i own my home and current balance on my home is 100 , 00 . 00 , it is worth 175k . if i die i would like my home to go to someone that could benefit from the equity such as siblings or my significant other .
What you need is a Will. If you want to avoid probate you could create a trust but if the house is the only asset there is no estate tax and it is probably not worth the expense at this time. You should also have a Living Will and healthcare proxy which addresses your healthcare wishes and appoints someone to make decisions for you if you can not speak for yourself.
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You could avoid probate by deeding the property to yourself and another individual as joint tenants with the rights of survivorship. Upon your death title to the property would automatically go to the surviving tenant.
The major drawback would be that once you executed such a deed you couldn't change it without the consent of that person.
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Consult a local attorney. I suggest to have draw up a new deed transferring the property to who ever you want subject to life estate I.e. The property will automatically transfer to who ever you want. The problem of transferring the house to yourself and others as joint tenants is that other co-owners could initiate a partition action and dispossess you of your house.
Living will is about the type of medical care you can receive. Consult with a local trust and estate lawyer to review your options and the practical effects.
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