Real Estate Ownership
Hi Terry
My wife and I had our will drawn up by an attorney, a few years ago. We don’t have a trust. We own a home and our son owns a condo. At our lawyer’s suggestion, he added our names to the condo title and added our son’s name to our home. I feel like this may not have been the right thing to do. If it should not have been done, is it difficult to change this?
Thank you
Terry Says
This is DEFINITELY not the right thing to do!! You first need a good new lawyer.
Go to your bank and ask the trust department for a recommendation. Or if you’re in Chicago, contact Kerry Peck at Peck Ritchey
Do not delay making these changes. It will cost more. Likely the smart move is to each have a Revocable Living Trust — one for you and your spouse, another for your son — and retitle the property into the name of the trust.
A good lawyer will explain why. And then contact hte previous attorney and ask for your money back for the planning he did. Tell him I suggested you report him to the Bar Association for incompetence if he won’t repay you!!
