Q: In the "near" future my family will have a Tucson home on the market. At present, my brother and I have a 95 year old Mother residing alone in her home: Dad passed in 1994. Would it be smart if my bro. and I were added as joint owners on that home or added as joint owners with survivorship governing a passing? I would think one less decision under stressful happenings, etc. would be an intelligent pre-plan. Thank you for any cogent advice.
A: Your situation is becoming more common as our elderly parents come to a point where they may need to sell their long time home or when heirs must do so on their behalf. Long Realty recommends that you consult with an attorney who is expert in estate planning. There may be tax or other legal considerations related to your desire to assist your mother in this matter. Assuming an attorney has assisted your family in this regard, your plan to become a joint owner with rights of survivorship may, indeed, reduce the stress of handling the sale of your parent’s home when the need arrives. Thank you for your timely question.