How do i protect my parents house from my siblings?
I am the daughter and my parents are elderly and on the title but my brother has taken a hefty loan out of the then paid off house. I want to be added to the title so he wont take any more money out or sell the house from under our parents and he is executor over the estate-my parents want me to help them-what papers can i file shld I add my name to the title? Also what is the difference between executor of the estate and power of attorney'' which is better for me to have-I live with my parents and are there primary caretaker.
Re: How do i protect my parents house from my siblings?
First, no one can lawfully borrow money and put up as collateral property that they don't own. When they do, it is a fraud on the owner, or fraud on the lender, or both. The situation needs to be reviewed by a local real-estate attorney who can check the public records in the county where the property is.
Second, "adding a name to title" is easier said than done. Names are placed on title by the transfer, by deed, inheritance, etc., of someone else's interest. If done by deed, this requires that someone who owns an interest in the property give up some or all of that interest. A deed needs to have a grantor and a grantee.
People don't have executors of heirs until they die. Until then, they only have prospective executors and expectant heirs. A person can change his or her will at any time prior to death, so being the executor is never assured, nor is being an heir, until the testator passes away and can no longer make changes.
An executor is someone named in a will to be the personal representative of the deceased to carry out the instructions of the will according to the rules set forth in the Probate Code.
A "power of attorney" is a legal document granting certain powers to another person who is called the "attorney in fact." Most powers of attorney automatically terminate upon the death of the person who granted those powers, or of the person to whom they were granted, so a power of attorney is useless after the death of either party.
Transferring real estate from parent to child during the lifetime of the parent is generally unwise for tax reasons. If the family wants to avoid both probate and taxes, have an attorney prepare a living trust for the parents. Also have the brother's activities checked out by a lawyer.
Re: How do i protect my parents house from my siblings?
First, no one can lawfully borrow money and put up as collateral property that they don't own. When they do, it is a fraud on the owner, or fraud on the lender, or both. The situation needs to be reviewed by a local real-estate attorney who can check the public records in the county where the property is.
Second, "adding a name to title" is easier said than done. Names are placed on title by the transfer, by deed, inheritance, etc., of someone else's interest. If done by deed, this requires that someone who owns an interest in the property give up some or all of that interest. A deed needs to have a grantor and a grantee.
People don't have executors of heirs until they die. Until then, they only have prospective executors and expectant heirs. A person can change his or her will at any time prior to death, so being the executor is never assured, nor is being an heir, until the testator passes away and can no longer make changes.
An executor is someone named in a will to be the personal representative of the deceased to carry out the instructions of the will according to the rules set forth in the Probate Code.
A "power of attorney" is a legal document granting certain powers to another person who is called the "attorney in fact." Most powers of attorney automatically terminate upon the death of the person who granted those powers, or of the person to whom they were granted, so a power of attorney is useless after the death of either party.
Transferring real estate from parent to child during the lifetime of the parent is generally unwise for tax reasons. If the family wants to avoid both probate and taxes, have an attorney prepare a living trust for the parents. Also have the brother's activities checked out by a lawyer.
