Q: My parents are living in their own home and are both listed as owners. Do you recommend a trust? I am their son.
They refuse to draw up a will. I want to do everything possible to insure that their home and assets are protected from the government.
They are 88 & 91.
A: There many ways to do this including a trust. The simplest and cheapest way is to have them execute and record a beneficiary deed to their heirs. The heirs would have no present interest in the property, but upon the death of the last one, the home would pass to the heirs by operation of law and without any probate proceeding. Of course, probate may be necessary for other reasons. If they do nothing, the property will pass through the intestacy laws and will require filing a probate case.
Nina Whitehurst agrees with this answer
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