If a parent names you as the beneficiary of a Wisconsin home, it means that you will become its new owner after he or she dies. However, it doesn’t mean that you will immediately become its sole occupant. This is because the home’s current owner may allow a friend, family member or romantic partner to live there.
Talk to an estate planning professional
Talking to an estate planning professional about your parent’s intentions can accomplish several goals at once. First, it can help to answer any questions that you may have about if you’ll owe gift taxes or if the home will be subject to probate. Creating a life estate deed may allow the home to pass without the need for probate.
Second, it can help to ensure that your parent has taken the steps necessary to ensure that you receive the asset upon his or her passing. Finally, it can help you express the fact that you are comfortable with whatever your family member chooses to do with his or her assets.
The current occupant may choose to leave on his or her own
Your mother or father may allow a person to remain in what will be your home after he or she dies. However, there is a chance that this person chooses to leave prior to passing on. Furthermore, if your parent doesn’t explicitly give permission for another person to live in the home, you may have the right to ask that individual to leave. However, it is important to consider whether doing so would be an effective way to honor your parent’s final wishes. Although you may not like the person who is staying in your home, it’s important to do what your loved one would have wanted.
An estate planning attorney may be able to help you make sure that your home is properly titled in a surviving family member’s name. Legal counsel may also review a will or trust to ensure that the rest of your estate plan meets your needs.