Posted on: 24th Oct, 2012 01:12 pm
I know that your adivce will be for me to contact a lawyer, but i guess i am looking for info so when i do contact lawyer, i wont be totally in the dark as to what i have to do.
Michigan situation: mother died, two years ago, left 2 houses to six siblings, being used as income property. i am the personal representative, no problems so far. what is the best way to handle or set up property mangement in the event of my demise. l was looking at some type of trust or an LLC type situation. so far the property is set up as joint tenancy with rights of survivorship, with no issue (children) involved. with the last person standing making the final decision regarding next generation. however, one sibling has met her untimely demise, now the concern is that we may have to do something to include the children of siblings after last man/woman standing is gone. other his or her children. Any suggestions
Michigan situation: mother died, two years ago, left 2 houses to six siblings, being used as income property. i am the personal representative, no problems so far. what is the best way to handle or set up property mangement in the event of my demise. l was looking at some type of trust or an LLC type situation. so far the property is set up as joint tenancy with rights of survivorship, with no issue (children) involved. with the last person standing making the final decision regarding next generation. however, one sibling has met her untimely demise, now the concern is that we may have to do something to include the children of siblings after last man/woman standing is gone. other his or her children. Any suggestions
Hi BeeGee!
Welcome to forums!
You can set up a trust and leave the property to your heirs. You can get in touch with a real estate attorney and he will help you in forming a trust for your property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can set up a trust and leave the property to your heirs. You can get in touch with a real estate attorney and he will help you in forming a trust for your property.
Feel free to ask if you've further queries.
Sussane
Hi BeeGee,
You can even draft a will and mention the beneficiaries for your property. After your death, the beneficiaries and the heirs can probate the will and get the property transferred in your name.
Thanks
You can even draft a will and mention the beneficiaries for your property. After your death, the beneficiaries and the heirs can probate the will and get the property transferred in your name.
Thanks
If the owner died, you must transfer title to the heirs according to the will, or if no will, according to your state's intestacy laws. Once transferred, you can decide on how to hold and manage the properties. An LLC or LP is the most common way to hold and manage a rental property. Contact a lawyer.
