Legal Question in Wills and Trusts in Michigan

My mother has property and i want to take over the property. She says i can have it but she still has a morgage on it. What do I do about this? What are my best options? There are four of us kids. The house has been empty for 10 years. Alot of work needs to be done to the home and property. It is not livible right now. She told me that if anything happens to her i have to split the value of the property with all siblings which i do not have a problem with, but i do not want to make it a 250 thousand dollar home and then I have to pay out that much to siblings, What can i do about this? Is a quickclaim deed an option? Legally what is the best options so I dont get screwed out of the home and property after I have done all of this work.


Asked on 10/22/10, 10:02 pm

1 Answer from Attorneys
Glenn Matecun Matecun, Thomas & Olson, PLC

This is too important an issue to handle yourself. I have been involved in many of these that have "blown up" after a parent dies because the deal was not handled properly. There should be formal written documents, values placed on the property now, and specific instructions as to who gets what your mother is gone. You are absolutely correct that you shouldn't put a dime into the property before you know it will ultimately be yours.

It might cost a little to handle up front, but it will be well worth it in the long run. Good luck.

Glenn R. Matecun

www.MichiganEstatePlans.com

Michigan Estate Planning Attorney | Michigan Probate Lawyer

Toll Free: (888) 487-6150

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Answered on 10/30/10, 11:02 am


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