Posted on: 25th Aug, 2011 06:23 am
What are the pros and cons of establishing your property as "Heir Property"? In which the property is left to three generations.
Hi Dee!
Welcome to forums!
If you declare your property as heir property, then it will be easier for your heirs to claim the property when you're no more. However, once you transfer the property to your heirs, they may ask you to leave the property. Thus, it's better to include a life estate clause in your name while you transfer the property to your heirs. This will give you the right to stay in the property until death.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you declare your property as heir property, then it will be easier for your heirs to claim the property when you're no more. However, once you transfer the property to your heirs, they may ask you to leave the property. Thus, it's better to include a life estate clause in your name while you transfer the property to your heirs. This will give you the right to stay in the property until death.
Feel free to ask if you've further queries.
Sussane