Legal Question in Wills and Trusts in Illinois

A contract described by you for the situation is likely not the preferred legal option.

Some issue could develop regarding the legality of the contract. You and your grandmother

might consider a quitclaim deed executed by her through which she transfers the property

to you but retains a life estate in the property. This would avoid probate and any later

claim by any other party. There are other options, such as a revocable trust, but it

would be more complicated.

Your GM should have a Will preferred giving you the property on her death. In the absence of that, you should ask the Uncle with the POA to speak to an attorney with you regarding the preparation of the documents. The whole thing could blow up in your face if not handled properly. Proceed with caution.

You and your grandmother need to consult with an estate planning attorney. There are many aspects to your arrangement that are problematic and will result in tax issues that can easily be avoided if handled in the right way.

Let me know if I can assist you.

Why are you considering taking action on something so important without legal advice from an attorney? You should rely on the opinion only of an attorney that you hire to help you find the best solution for your situation.

This is not a "do it yourself project." If everything is not done correctly, it will end up costing you much, much more than just hiring an attorney to do this right from the beginning. It is even possible that you would not be able to own the property if you try to "type up an agreement" that does not have the expected legal effect.