Q: How do add a relative to your home, so they can continue living their if one should pass away?
I live with my mother, helping her with bills and running errands for her since she had been on oxygen, she just had a stroke and is now in the hospital. I am one of 3 sons. One brother has legally been left in charge of her finances, the other in charge of her medical. She was wanting to put me on the house so me and my kids could continue to live in the home should something happen to her. She still has a mortgage on the home. What is the best way for us to go about getting me added to the property?
To say which is "best" is subjective and would depend on many factors. However, the three most common ways to accomplish the goal of leaving you the house are:
1. Adding your name to the title.
2. She can leave it to you in her will.
3. She can put it in a trust and name you as the trustee and lone beneficiary of the house.
These options potentially result in a tax obligation which would need to be addressed.
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