CHAPTER 14 Before the Inevitable: Forced To Sell The Home Before Parental Passing In the journey of inheriting real estate, there are scenarios where selling the property becomes a necessity before the passing of the parents. This can be a complex and emotionally charged process, necessitating careful attention to legal and financial details. Here, we delve into the procedures involved and the crucial evaluation of documentation before proceeding with a sale.. Two normal scenarios… 1) If parents can no longer reside in their home and require care in a facility. These facilities are not cheap, but can be a necessity at a certain point. The equity from the property might be needed to fund these expenses. 2) There may be other assets to help pay for the care facilities, but if the property has a Reverse Mortgage. The mortgage must be paid off.
WHO SIGNS THE DOCUMENTS?
If the parent still is fully cognizant and can sign all the sales, transactional and legal documents they can still sign for the trust as trustee and do a normal sale. The question arises when one or both of the “Trustees” either don’t have the capacity to sign either from a mental standpoint, or maybe they can’t deal with the stress in going through the entire process of preparing the property, executing a lot of legal documents, or just selling the family home.
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