Q: We live in WA and would like to add adult children to two mortgaged homes. We live in one home. Do we need a Life Estate
We are in our late sixties and our estate consists of the equity in our mortgaged homes and life insurance to be divided between three children. Our daughter and granddaughter live in one home and we live in the other. Our goal is to avoid probate and while we plan to age at home, doing this may ensure our homes will be free from a Medicaid lien if we need long term care in a nursing home.
You need to do Estate planning and set up Revocable living trust (feel free to read more info on how Revocable trust operates on my website below it has comprehensive tutorials).
The best thing to do is to do a Triest, transfer all your real estate and bank accounts into such trust and leave it to your children after your death. The trust will avoid probate.
Feel free to call with additional questions.
Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Ave, Suite 400
Brooklyn, NY 11235
6 users found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.