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[sfrieman]

What is the name of your state (only U.S. law)? Maryland

Wife and I own our home jointly with no mortgage. We would like to leave our home to our son when we both pass on. How would we word this in our wills. Currently we have no wills. Our other assets (bank accounts and IRA's) have beneficieries. Thanks

 

[LdiJ]

What is the name of your state (only U.S. law)? Maryland

Wife and I own our home jointly with no mortgage. We would like to leave our home to our son when we both pass on. How would we word this in our wills. Currently we have no wills. Our other assets (bank accounts and IRA's) have beneficieries. Thanks

Is your son the only child that either of you have? The reality is that unless you both die at exactly the same moment, no matter what your current wills state, if either of you have other children, or remarry, or simply change your mind the will of either one of you could be changed after the passing of the other.

You could add your son to the deed as a joint tenant with the rights of survivorship, but that could open your son up to paying unnecessary capital gains tax, or could open up you and your wife to possible lien issues if he gets judgements against him for one reason or another...so that is generally not a good idea.

You also do not know if your house will be needed to help fund future nursing home care for either one of you, making it a moot point as far as an inheritance is concerned.

However, all things being equal a simple sentence in your will stating that you are leaving your house to your son, and naming him by name, is more than sufficient.

 

[justalayman]

actually, depending on how title is held at the moment, it may not be possible for the first of you who dies to leave any share of the house to your son. If title is held jointly with rights of survivorship, the remaining person will assume full title to the home. What they do with it then would be up to them.

I do believe Maryland allows for a joint will where you can make a contract that would not allow the survivor to alter the disposition agreed to in your wills. You need to speak with a lawyer who deals with such issues specifically. If done improperly, it becomes unenforceable and useless.

 

[anteater]

One possible difficulty with wills in this kind of situation is remarriage of the surviving spouse. Even if the surviving spouse does not revise his/her will, without an agreement with the new spouse, the new spouse could utilize the right to an elective share of the surviving spouse's probate estate upon the surviving spouse's passing. Possibly thwarting the desire to pass the home to the son.

A lot of "if's" attendant to that scenario, but it is a possibility.

 

[tranquility]

How long ago did you buy the house?

This is easily handled from a legal perspective. A life estate in the parents or an irrevocable trust can do what the OP wants. However, it can cost a ton in taxes if the house has appreciated since purchase.