Posted on 04/25/2024 7:10:58 AM PDT by ChicagoConservative27
Investigate thoroughly regarding Trusts. We got a living trust on our home, so if we die it will pass to our adult kids. But we had some regrets about doing it. My wife's mom had a trust on her property, and my wife and a brother were trustees. Became a nightmare for my wife to handle, to the point where a few of her siblings unfairly took legal action against her. Every point of the way, she could not do anything without dragging her elderly mother along to sign, even though wife had trustee authority. Our lawyer successfully challenged her siblings and their lawyer, got them to drop any legal challenge. Mother-in-law passed 4 years ago, and my wife settled the estate, glad to no longer have to deal with a few siblings. You would be surprised how siblings can turn on each other when inheritances loom.
Alternatively, one of our friends added their adult sons onto the house title, thinking if she dies it will automatically go to them. One son moved out and married, the other remains there. And the two sons are fighting over who gets the house. Our friend can't kick out the adult son living there, because he says he owns the house since his name is on the title. Oops. Same situation for a couple other friends.
No easy answers. Thankfully our adult kids have their own homes and families and get along very well, no problems. If we die, they'll sell our home and split whatever is left. We've been giving what we can to them, all along, because we know we can't take it with us when we die.
I also read that about Japan. Lots of vacant homes outside the cities. Government begging people to come and get them for almost free. But... you have to spend a lot of money to bring them up to new standards and it is too expensive.
exactly
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