Leaving house to grandkids
Hi Terry, I saw a video about leaving your house to someone without going through probate and not having a revokable trust. It was called TOD or Transfer On Death. This sounded very simple and seems like a good idea. What are your thoughts?
Terry Says
It’s a simple idea, but it doesn’t begin to deal with the possibilities that might arise.
For example, what if you have a stroke, and cannot act for yourself — and your heirs need to sell the house to raise money for your care?? (You dont’ want to be in a Medicaid funded nursing home these days or ever!)
What if your grandkids are not in a position to maintain the home, pay the taxes and insurance? Or what if they fight over what to do with the property??
Pay the money to see an estate planning attorney. Search here: https://search-attorneys.com/
And before doing that, please watch this video I created to explain Revocable Living Trusts:
https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
