Legal to will?

[jerzigurl77]

What is the name of your state? NJ

My grandmother owns her home. The mortgage is paid in full. She has an equity loan against the house in her name, with my father as a co-signer. She also has 2 other sons. She is now almost 80. She wants me to move in to her home and assume the loan payments. However, she wants to make a will stating that her children are not entitled to the house when she passes. She's already given them everything she wants them to have while she's still alive. The only thing left to be covered by a will would be her home. She wants to leave that to me and my husband. First of all, can she leave me the property and exclude both my father and uncles? Second, how does she go about making a legal will? She's on a very fixed income.

 

[I AM ALWAYS LIABLE]

What is the name of your state? NJ

My grandmother owns her home. The mortgage is paid in full. She has an equity loan against the house in her name, with my father as a co-signer. She also has 2 other sons. She is now almost 80. She wants me to move in to her home and assume the loan payments. However, she wants to make a will stating that her children are not entitled to the house when she passes. She's already given them everything she wants them to have while she's still alive. The only thing left to be covered by a will would be her home. She wants to leave that to me and my husband. First of all, can she leave me the property and exclude both my father and uncles? Second, how does she go about making a legal will? She's on a very fixed income.

My response:

Yes, to all of your questions.

Wouldn't you agree that giving her $500.00 to have a formal Will made by an attorney, when you stand to obtain a house in "fee simple", would be a good investment?

IAAL

 

[jerzigurl77]

I've tried offering the money to her. She wants to do it herself. By the way - the loans against the house would have to be paid before I would "inherit" it. Those loans are already in excess of 100,000.

 

[I AM ALWAYS LIABLE]

I've tried offering the money to her. She wants to do it herself.

MY RESPONSE: Then, it appears that she really doesn't want to give you the home and, at her advanced age, if she dies next week, the home will go to the rest of the family. Otherwise, she'd jump at your offer.


By the way - the loans against the house would have to be paid before I would "inherit" it. Those loans are already in excess of 100,000.

MY RESPONSE: Well, if the home were Willed to you, then you'd have to make a decision, wouldn't you - - to either accept or reject the gift?

If you were to accept the gift, you'd be required to pay off the home by refinancing the home in your name - - otherwise, the lender will foreclose on the note.

IAAL