inheritance

[felicity]

Jurisdiction

Colorado

Hello,

I really have no idea where to begin.

My parents are currently still married, however, they do not get along. I was looking into setting up a estate plan for them as they are both getting up there in years. My dad is in agreement to leave any assets to me, i fear however, that my mom will not feel the same way. The biggest asset is a house that they each have their name on.

What happens in this case? I was debating on setting one up just for my dad for the time being, even though it would be cheaper to set up both at the same time. I know if my dad were to pass away and my mom still living, she gets to keep the house either way, what happens when she passes away. I have one sibling, i assume half would go to my sister? Can my dad agree to me getting the house and not have to worry about my moms decisions or thoughts.

also can my dad legally remove my mom from the house without her permission...highly doubtful for the last two questions. let me know if you have questions or need more details

thanks in advance.

Felicity


P.S. No im not being greedy. This is not about the assets.

 

[army judge]

i fear however, that my mom will not feel the same way.

She has the absolute right to leave all of her worldly goods including her $50,000,000 investment account, 100 oil wells, her gold mine, and her two diamond mines to her pet cat; Mr. Peepers.

Children have no right to an inheritance from their parents.

Ours tried to have that discussion with me, and were shooed away!

The biggest asset is a house that they each have their name on.

What happens in this case?

If dad passed away before mother, she would inherit the entirety of all real estate holding.

If mother decided to gift the home to the Right Reverend Rip U. Off and his Church of Wealth, there is absolutely nothing anyone can do about her decision.

what happens when she passes away.

Ask your mother.

She can do anything she wishes with her "stuff", just as you can do with your "stuff".

For all you know, you might predecease both parents.

also can my dad legally remove my mom from the house without her permission...

No, not if they own the home jointly.

I suggest you discuss this further with your parents, strangers have less influence with them than do you.

 

[flyingron]

No, not if they own the home jointly.

He can't no matter how it is held. He could change the joint interest to tenancy in common, but mom's still got some share (divided or not).

 

[zddoodah]

What happens in this case?

I don't really understand the question as phrased. Each of your parents is entitled to leave his/her interest in the home as he/she determines is appropriate. It is probably most common for a married person to have a will that says, "if my spouse survives me, my entire estate goes to him/her; if my spouse predeceases me, my entire estate goes to ____." However, if your parents aren't getting along, they might not want to do that. Regardless, it's entirely up to them to create or not create an estate plan and, if they choose to create one, it's entirely up to them to dictate what happens to their estates when they die.

I was looking into setting up a estate plan for them

I was debating on setting one up just for my dad for the time being

You realize that you have no legal ability to set anything up for them, right (unless you're an attorney, which your post indicates you're not)?

I know if my dad were to pass away and my mom still living, she gets to keep the house either way,

How exactly do you "know" this? It's not correct as an absolute matter.

what happens when she passes away.

If your father dies first, what becomes of your mother's estate after she dies will be dictated by the provisions of any will or trust she creates or, if she has no will or trust, by the intestate succession laws of her state of residence at the time of her death. Under Colorado law, if a person dies without a will, without a surviving spouse, but with living children, the children inherit the entire net estate.

Can my dad agree to me getting the house and not have to worry about my moms decisions or thoughts.

Your father can agree to whatever he wants. However, if he dies before your mother, what happens to the house after she dies will be beyond his control, and there's certainly no good reason for him to worry about what happens to a house after he has died.

also can my dad legally remove my mom from the house without her permission.

No.

 

[adjusterjack]

No im not being greedy

Yes, you are.

This is not about the assets.

Yes, it is.

 

[Tax Counsel]

He can't no matter how it is held. He could change the joint interest to tenancy in common, but mom's still got some share (divided or not).

The phrase Army judge used, "if they own the home jointly" is not the same as referring to joint tenancy with a right of survivorship (JTWROS). Both tenancy in common (TIC) and JTWROS are forms of joint ownership. Thus his statement, and yours, are correct — Dad cannot by himself remove Mom from her ownership interest in the home.

 

[Tax Counsel]

Hello,

I really have no idea where to begin.

My parents are currently still married, however, they do not get along. I was looking into setting up a estate plan for them as they are both getting up there in years.

Then take them to an estate planning lawyer. If you provide estate planning advice and/or draft the documents for them you engage in the unauthorized practice of law in Colorado, which could get you in trouble. It might also lead to invalidating any gifts to you in the estate plan. More fundamentally, if you don't know what you are doing you could screw this up.

Their estate plan should be based on their wishes, not yours. Their assets are theirs to do what they wish. The saying that "when someone says it's not about the money, it's about the money" certainly appears to apply here. You say it's not about the assets on one hand but then express concern that:

My dad is in agreement to leave any assets to me, i fear however, that my mom will not feel the same way.

So indeed this is about YOU getting the assets, not simply doing what your parents want to do.