Legal Question in Wills and Trusts in Virginia
My elderly mother (85) has a legal and valid will leaving her home and any other valuables to her estate which her four children would inherit. The home, in Botetourt county, is titled in her name only. She receives a significant tax reduction on the property because of her age and income level. She has decided to change the deed to include the name of one or all of her children because she believes that if she dies without at least one of our names on the deed, we will be unable to sell the property and settle the estate. Is this true and would her adding our names to the deed eliminate the tax reduction she now qualifies for because of her age and income?
1 Answer from Attorneys
No, it is not true, and, yes, possibly, so. With respect to the former issue, people transfer property all the time to their heirs when they pass from this earth by means of an instrument which your elderly mother should be familiar with by now.
It's called a will.
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Can i change my living will and if so how does it wrk Asked 10/28/09, 4:16 pm in United States Virginia Probate, Trusts, Wills & Estates
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