#1 ·
Hi there! So, I just took out a mortgage on an apartment so my dad could move in and help settle some family tensions. He’s planning to gift his share of our larger family home over to his sister, which would pretty much act as a way to bring some peace to the household.
I was looking things up online, and I came across the idea of a life estate. Would that be the best way to make sure my dad feels secure and knows I won't suddenly kick him out in a year or two? To be honest, I don't really care about what happens to the place or how he uses it. Since I'm the owner, I assume if I understood Google correctly, the property stays mine regardless.
Is there a better legal setup than a life estate? If not, what steps should I take, and where would we typically go to finalize an agreement like that?
Thanks!
I was looking things up online, and I came across the idea of a life estate. Would that be the best way to make sure my dad feels secure and knows I won't suddenly kick him out in a year or two? To be honest, I don't really care about what happens to the place or how he uses it. Since I'm the owner, I assume if I understood Google correctly, the property stays mine regardless.
Is there a better legal setup than a life estate? If not, what steps should I take, and where would we typically go to finalize an agreement like that?
Thanks!