Posts tagged "Heirs"

What are the cons of willing a house to someone while letting your significant other have “life use” of it?

Question by M3Armand: What are the cons of willing a home to an individual whilst letting your considerable other have “life use” of it?
My mother in law (MIL) would like to will her residence to her daughter, my wife, when she dies. The catch is, she wants to let her important other of 16 years (they are not married) to have “life use” of the property till he dies. In the will, it stipulates that my wife (in other words, we) will be responsible for paying the taxes AND insurance on that residence. So I asked, “If he lives for one more 30 years following you die, then that implies that we would be obligated to pay taxes and insurance on a home we would completely have no benefit from and we wouldn’t be in a position to “evict” him out of it”. If the taxes and insurance had been $ 5k, then that would potentially be $ 150k that we could actually place towards our children’s college – and not towards a significant other with whom we have no blood ties.

So we figure we have a few options:
1) The SO would pay the taxes and insurance coverage so lengthy as he lives there. If so, given that we are the “owner of the property”, what recourse do we have if he does not? I.e. – how can we kick him out if he defaults on the tax payments whilst my wife would be the owner of record?
2) Is it feasible for us to “not accept” the property?
three) One more option is if the MIL would give the house to her SO (so that he would be the legal owner and carry the tax concern) and then have a stipulation that he “offers it back” to my wife when he dies. But is there anyway that this scenario can be legalized? We wouldn’t want the SO’s heirs to all-of-a-sudden stake ownership of the home.

Does everyone have any suggestions on this very delicate matter?

Thanks in advance!

Best solution:

Solution by s4ndr4j4n4
You are appropriate in your initial paragraph. When MIL dies then your wife would be responsible for all the expenditures that you state.

1 would not function simply because he could refuse or default

2 You possibly could

three Is your finest selection, but the stipulation would HAVE to be written into the Will, that tends to make it legal.

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How can I find out if a deceased relative had a home insurance policy?

My mother-in-law died recently and her heirs are going through her papers to settle the estate. However, paperwork for home insurance hasn’t been found. Though it’s possible she didn’t have insurance, we want to find out if she did. How can we do so?

You look at her cancelled checks for the past year. If she didn’t write a check for homeowners insurance, she didn’t have any.

There is absolutely NO OTHER WAY to find out. There’s no ‘central database’ and no agency tracks those records.