Legal Question in Wills and Trusts in California
Property no included in any Will or Living Trust
My parents have never written out a current will or living trust. They currently own 3 properties, one for each child. However, since this is not in any current will what happens when they are deceased. Their 3 children are not close, one suffers from a Bipolar disorder and will be living in one of the properties to keep her from being homeless, this one sister can also be dangerous, although not in a physical sense. I have lived in one property for 6 years now. Do I move from this residence, since I have no proof that they have left this to me as promised. I am 44 years old with no home of my own. They have not followed through on any promises that they have made such as putting my name on the deed or made out a living trust or even a current will. When questioned the subject is put off. Why should I continue to rent and keep up this property when it may end up lost when they are deceased. I have kept records since I moved in showing this as my legal residence and that I have paid repair bills to this home.
2 Answers from Attorneys
Re: Property no included in any Will or Living Trust
It's probably best to have a will or trust set up to divide the assets, along with a separate trust (special needs, perhaps) to protect your sister's interest for her. In addition, you may want a written agreement regarding your rights and obligations regarding living in the property while your parents are alive.
Re: Property no included in any Will or Living Trust
Your parents do not have to leave their children anything. So even if they did make a will or revocable living trust designating you as the beneficiary of one of the properties, they could revoke that gift at any time before they die. Is there any chance they have already added your name as a joint owner with right of survivorship, or conveyed the property to you but reserved for themselves a life estate? It is very common for people to procratinate about such matters, because it requires thinking about death and dying. If your parents die without making a will, then all the property will be divided equally among all the children. It's possible there could be some adverse estate tax consequences to the heirs. As to your contribution to the property, if you can prove the expense or value of improvements you made, you should be entitled to recover that amount if the property ever falls into other hands. It would be best, of course, for your parents to confer with an experienced estate planning attorney so that they can make safe provision for their bi-polar daughter and fairly distribute property to their other children. Imagine yourself behaving tactfully when you discuss the situation with them. Good luck.
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