Posted on: 14th Mar, 2009 02:12 pm
If a child built a home for their parent to live in until their death, the child pays the taxes, upkeep, and insurance; however, both the parent and child have monies invested in the construction of the property, how do you suggest the deed should be set up?
Hi Sonja,
I think the deed should be set up keeping in mind how much money has been put down by the prents and the child in the construction of the property. They can also opt for a joint tenancy form of ownership wherein each will have an equal and undivided interest in the property. After the parents' death, the child can inherit the property through the right of survivorship, avoiding the lengthy and expensive probate in the process.
I think the deed should be set up keeping in mind how much money has been put down by the prents and the child in the construction of the property. They can also opt for a joint tenancy form of ownership wherein each will have an equal and undivided interest in the property. After the parents' death, the child can inherit the property through the right of survivorship, avoiding the lengthy and expensive probate in the process.