My father is failing as well as doesn’t instruct to have his properties probated, nonetheless he never set up a certitude or give up claimed a properties to us children. we have permanent energy of attorney. Can we give up explain a residence as well as land to me as well as my siblings, legally? This is my father’s wish, so we’re not you do anything he wouldn’t want. Or could we set up a family certitude as his POA?
Thanks for a help!
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Comments: 3 comments
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donfletcheryh
November 28th, 2009 at 3:38 am
You may do anything that your father would have done. If challenged in court as a conflict of interest, you have to provide the court a reasonable explanation of your actions.
If there are any family members or creditors who might contest your action, your action could leave the estate in litigation. This is the primary area of risk.
Quit claim also does not clear title if it was previously clouded. An action like having the home sold for taxes and bought back by family does clear title, but it can take a lot of time.
Othniel
November 28th, 2009 at 3:38 am
You need to consult an attorney on the details, but as a real estate agent and as a tax pro I have to say that it is much better to inherit real property than to have it given to you before the original owner dies.
It has to do with basis and with taxes. A trust may well be a good solution but you and your family need legal counsel.
frak1a12345
November 28th, 2009 at 3:38 am
You had better ask a lawyer on this one. A financial institution or title company will probably not accept a power of attorney for land transfer. You may need a conservatorship. In other words, you have to go to a judge and have your father declared incompetent.
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