Q: Do I need to set up a joint trust?
My mother and I (her son) live together in a house. We are both listed on the deed and mortgage. This is the only real asset that she has. We are reviewing our estate planning documents.
Do I need to bother setting up a joint trust? Without one, since we're both on the deed, I believe when she dies, the house remains in my name alone, correct? Would there be any other benefit, or perhaps any potential tax implications, that might make a trust the appropriate way to go?
A: No, if title is in both of your names, and not joint title with right of survivorship (or something similar), should she predecease you, the property will not be solely in your name. Her estate would own half. Talk to an estate planning attorney.
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