What are my rights to a home that I will inherit?
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What are my rights to a home that I will inherit?
If my mother inherits the house to me do I have to wait until she passes? House is free and clear of everything. Or should i buy it from her now for 1.00? My plans are to keep the house and when she passes is to move into it with no intentions of selling it. Also, I want to take out a home equity line of credit and start getting windows and other things taken care of. I would like to do this while she is still living.
Asked on October 30, 2016 under Real Estate Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
First, you have *no* rights to a home you expect to inherit until your mother passes away and you do in fact inherit it. The disposition of property upon death does not provide any rights while the person is still living and she could, for example, give or sell the home to someone else while she is still alive and you would have no claim on it and no right to stop that transaction. Similarly, she could change her mind and will it to another person and that would be legal. So the fact that right now, you expect to inherit, is meaningless.
Second, of course, you can't buy the home from her for any price, let alone $1.00, unless she voluntarily agrees to sell it to you for that price--you can discuss the matter with her, but it's her choice whether or not to sell.
Third, if you can get her to agree to sell, discuss the matter with an accountant or CPA first: depending on its value, what she sells it for, etc., there may be significant tax implications for both you and her.
Fourth, if there is a mortgage, then it would be need to be paid off before the home could be sold or transferred to you.
Fifth, discuss with her the possibility that she will give you a "remainder" interest in the home now while keeping a "life estate" for herself. To simplify: the home becomes yours the moment she dies, without it having to go through probate but she has the right to live there for the rest of her life so long as she does not damage the home. If she's open to this idea, consult with a real estate attorney about the details.
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