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What might happen to a home after a parent dies

| Sep 24, 2020 | Estate Planning And Probate

It isn’t uncommon for parents in Minnesota and around the country to leave a home or other assets to their children in their wills. However, a parent may also stipulate that a friend or romantic partner can remain in the home after he or she passes away. Of course, there may be strategies that you can use to get this person to leave the property that you inherited from a parent.

Review your deceased loved one’s estate plan

In some cases, your parent may have merely made a verbal promise to another person that he or she could stay in the home. If there is nothing in a will, trust or other plan document that says a friend or partner gets to stay in the home, it may be possible to ask that person to leave.

There is also a chance that your mother or father inadvertently left the house to the person currently living there. Therefore, it may be in your best interest to review your parent’s estate plan while he or she is still alive to ensure that your inheritance is protected. During an estate plan review, stress that your top concern is that your loved one is happy and that you’ll do whatever he or she thinks is best.

Have the home placed in a trust

It may be a good idea to create a life estate deed to avoid an unexpected gift tax when you inherit the home. By establishing the life estate deed, the home will be placed in a trust that you are the beneficiary of. Putting the asset inside of a trust also means that it can pass to you without the need for probate.

If you have questions about your inheritance, an estate planning attorney may be able to answer them. An attorney may also be able to create or review a will, trust or other estate plan documents. This may help to ensure that your plan reflects your true wishes and accounts for as many scenarios as possible.