"Living will" vrs "Land Deed"

[Leeana]

I am throwing this out there just in case someone by chance may have the answer to this...

Now without going into a large amount of detail...

Our farm is listed on the land deed as being in both my father and my sisters name (I have no idea why it is listed in part of my sisters name, dad fully 100% paid for this farm himself and my sister had and has no part of it....I am baffled). My sister (who we do not get along - to say the least) has stated when my father passes away, that this farm becomes her's which I am NOT going to allow to happen.My father and I worked way to hard to build this farm, and he worked way to hard to make it ours. Like I said - the deed is listed in both her and my dads name. Now, in my father and my mothers living will everyone 100% goes to me (farm, money ext ext ext). Now - will that living will override the land deed (which would send the farm straight to my sister)? Does this make sense?

Also note - my mother is the POA (Power Of Attorney) over my sister (my sister was hit by a car when she was a teenager which left her somewhat mentally handicap and unable to really fully function on a normal basis or have a normally developed brain function). Would that give my mother any say in on if the farm went to my sister?

With my sisters mental state and our lack of being able to work together in this matter, you can see my concern...

We are working on getting the deed changed, but at this time my sister is being less than reasonable. It is something we have been working on and I am just wondering if anyone else has experienced anything like this before?

I guess it is my father is geting up there in age, and we are starting to worry about this.......

Thanks

 

[Ashley]

If everything your father has becomes yours, I would think the land would become yours and your sisters. I would say consult a lawyer to be sure. Many provide a free consult.

 

[Minimor]

Is there a tenancy on the land deed? Tenants in common? Joint tenants?

Here, my mother and I own our property as joint tenants. This means that if one of us passes away the other one automatically gets full ownership of the property. Because it is in joint tenancy the property isn't part if our estates--it is not affected by a will.

If we owned our property as tenants in common then if Mom were to die her portion would be administered by her estate. It would end up co-owned by myself and her beneficiary (which would be me anyway). Not sure how your ohio system works.

 

[Jill]

Leeana, how do they own the property? If they own it joint with survivorship, then it will transfer to the surviving owner and that is completely regardless of what any will says. If they own it as tenants in common, then your dad's part goes to who he says, and hers to who she says.

There are some estate tax reasons and other reasons not to add a child to a deed, and look out because capital gains are going up if it can be considered a farm or a non-personal residence. Also, suppose your sister is in a car accident and at fault? That property is NOT protected if she is sued and if it's joint with survivorship, then...........

I am not an attorney and cannot give legal advise, but I do often discuss with clients prior to a meeting with an estate planning attorney to help them understand some basics and to clarify what their wishes are.

If you want, PM or email me your phone number and good times to call. I could maybe help you understand it a little better, but it is NO substitute for legal consultation.

Also know that attorneys specialize. I wouldn't look for just a "general" attorney, but one who is an estate planning attorney. I am surprised myself sometimes how little my investment CLIENT attorneys who are not estate attorneys know about property transfers

 

[Mona]

From what little I know with recently dealing with the deaths of and being Executrex for both my Mom and Stepdad's deaths and estates, and knowing I am in line to do this for my Dad as well, I at least here in Canada, I would respond this way...

1. Now - will that living will override the land deed (which would send the farm straight to my sister)? Does this make sense? I believe the living will and the deed to be two totally different things. The will does stand, however, once your Dad dies, and unless he gets it changed beforehand, that farm will belong fully in your sister's name. So when your Dad passes, because it is jointly owned by him and her, she will be sole owner. My Dad set up his house the same way (listing my sister and I as joint owners) so that when he dies, his house will automatically be in our names, and the rest of the will be separated in that manner.
   
2. Also note - my mother is the POA (Power Of Attorney) over my sister (my sister was hit by a car when she was a teenager which left her somewhat mentally handicap and unable to really fully function on a normal basis or have a normally developed brain function). Would that give my mother any say in on if the farm went to my sister? Again, only going with my experience with the POA for for financial as well as personal, then yes, your Mom would have a say, however, she would need a note from the doctor stating that your sister is mentally incompetent to make her own decisions, because the POA does not come into effect until such time as that happens.
   
3. We are working on getting the deed changed, but at this time my sister is being less than reasonable. It is something we have been working on and I am just wondering if anyone else has experienced anything like this before? I cannot see any way of getting the deed changed at this point UNLESS your sister willingly signs it over, OR your Mom acting as her POA gets something detrmining that she is mentally incapable of making sound decisions.