What type of will does my mother need when leaving her shares of a shared home to her heirs?
Full Question:
Answer:
When a person dies and seeks to have the property bequeathed divided equally among children, they may be named in a will and designated to receive the property "per capita", or in equal shares, such as 1/3 each among three heirs. Property that passes under a will may be subject to time frames involved in probate court procedures, which vary by local area. Some states have expedited procedures for small estates, whose amount varies by state.
In some cases, it may be specified that money received is an advance to be deducted from a future inheritance. In other cases, a trust may be set up to distribute property, without going through the probate process. It is also possible to create a promissory note payable at a
future date. I suggest contacting a local attorney regarding the legal options and tax implications involved.
