Thread: how to make a testament for a house?

If you have installments pending on house then just go and confirm with bank legally on papers that after your father-in-law these 7 girls are going to pay the installments or the other person who can take the responsibility.

These are the only 2 options for you otherwise the home will be made on sale by bank and the remaining amount after banks loan will be given to these 7 girls or the authorize person

Hope this helps!

Thank You!

Originally Posted by Luxury Homes Tampa

If you have installments pending on house then just go and confirm with bank legally on papers that after your father-in-law these 7 girls are going to pay the installments or the other person who can take the responsibility.

These are the only 2 options for you otherwise the home will be made on sale by bank and the remaining amount after banks loan will be given to these 7 girls or the authorize person

Hope this helps!

Thank You!

so i need to speak to the bank,hmm
but the girls,, when i have talk to them ,,they said that they want to keep the house and make payments so they dont lose the house,,but none of them what to be one the loan,,

so is there any paper to be done by my father in law ,, sign or something ,,by notary ,, to say that if i .... ,i give the right to this persons to take over the payments,,and paper,title on the house?

thanks

ya you need to do the paper work with the bank by signing it and show all these papers so some lawyer so that it approves the formalities and the house and remaining payments is to be transferred to those girls thats it

Thanks!

okay,will call the bank,,
thanks friend!!!

Your father in law needs to have an attorney draw up a 'last will and testament' which states how he wants his estate handled. Talking to the bank will do nothing about probate, which will eat up any equity in the house with the fees associated. With 7 siblings involved the chances of a dispute are very likely.

In fact, everybody who has anything should have a 'will' to make sure the state keeps their dirty paws off it when the inevitable happens.

Originally Posted by Greg

Your father in law needs to have an attorney draw up a 'last will and testament' which states how he wants his estate handled. Talking to the bank will do nothing about probate, which will eat up any equity in the house with the fees associated. With 7 siblings involved the chances of a dispute are very likely.

In fact, everybody who has anything should have a 'will' to make sure the state keeps their dirty paws off it when the inevitable happens.

thanks for replying
also he on ssi,,so,,
hmm,,

Yikes!! People saying to talk with the lender, people talking about Last Will and Testaments...

Here is MY OPINION to what should be done:

1. Put the house into a LIVING TRUST - this will not cause the lender to call the note due - look at the Garn-St. Germain Federal Depositary Institution Act of 1982
   
   • Doesn't activate the "Due-On-Sale" clause
   • Avoids PROBATE
   • When the father dies - as long as the payments are being made - the lender won't care (technicality, but hey, why not use it?) - Though this is NOT a benefit of the trust - it is just that lenders don't care WHO is paying as long as they are getting paid.
   
   

Hmm, I can't think of #2 - maybe because there doesn't need to be a #2...

Talk with a KNOWLEDGEABLE asset protection attorney - have the trust document drawn correctly, so there is no way to pierce it - you now protected the house for the 7 girls.

Heck, maybe a life insurance policy could be also taken out, where the beneficiary is the trust as well, and therefore could provide the capital to provide the payments - then the trustee would have a source of capital to work from, instead of having the girls take on the burden.

Added: Just saw that you said that he is on SSI - I would see if that could be put through the trust as well (I DON'T KNOW) but why not ask the asset attorney? And the trust document - if written well - will describe how the assets are to be divided - he can put ALL his assets in there and have a schedule for distribution - with a section where he outlines how disputes would be handled... Of course the more detailed the more expensive - but if it causes less heart-ache to the beneficiaries - it might be worth it - it is a judgment call on the grantor.

Well, that is MY OPINION - I have that set up for ALL my properties. Not had an issue with it yet.

Hope that helps... (Still in shock with the talk to the lender comments!!)

ok,thanks for that advice!! friend...