My mother has no will........
My mother is 71, widowed, and still lives in the same home she has spent the majority of her adult life in. She owns three rentals. I live next door in what would be a fourth rental. We live in Ohio, total property value would be ~$300K and roughly 2 acres.
I have been nudging her along, trying to get her to put pen to paper and make the final plans. I might as well be pushing a freight train up a mountain. She probably will never make the plunge and do anything.
So, are there any other ways that I would be able to take over the properties when the time comes? I have two brothers who potentially would be in agreement to keep the land in the family.
TIA,
Originally posted by @Michael R.:
My mother is 71, widowed, and still lives in the same home she has spent the majority of her adult life in. She owns three rentals. I live next door in what would be a fourth rental. We live in Ohio, total property value would be ~$300K and roughly 2 acres.
I have been nudging her along, trying to get her to put pen to paper and make the final plans. I might as well be pushing a freight train up a mountain. She probably will never make the plunge and do anything.
So, are there any other ways that I would be able to take over the properties when the time comes? I have two brothers who potentially would be in agreement to keep the land in the family.
TIA,
Tell her that without a Will the state will probably determine how the assets are disposed of and it won't be to her liking if she loves you. She doesn't want to face her declining years, that's all.
I sat down with my mom and asked how she wanted assets divided between the 5 of us. She didn't know. So I took a Yellow Pad and a Pen and put 5 columns and named each by one of the siblings. Sitting with her, I said "ok such and such goes to XXX" and she said "no, I want that to go to YY". Then the next item, then the next. Before I knew it, she was taking over and I was writing as fast as I could. If she wasn't clear, I'd ask her.
I took the list, found a sample Will online, filled in the blanks, used the information from the Yellow Pad and paid an attorney to draw up a proper Will. When that was done a week or so later, I asked her to read it and make any changes. She never read it. I then said that I made an appointment to meet with the attorney for signing the Will. She wouldn't go. This went on for about 3 months. So, eventually I said I could have a "roving" Notary come by or we could visit the attorney, her choice. She chose the attorney and we got the Will Notarized and signed. In my case, I gave a copy to everybody concerned so there wouldn't be any surprises. Knowing mom, it was unlikely anyone could get her to go through the process again anyway.