[LadyB]

I was unsure of a good title, and I hope someone understands what I am asking.

My parents are only in their 60's but try to ensure their affairs are always in good order just in case. Our neighbor was recently left a house in his mother's will, but due to probate he cannot sell it and has been told it will take some time to settle things, possibly a year. He wanted a quick sale rather than have to pay a large insurance premium (waterfront in hurricane country!) and now he's stuck.

Anyway, my folks don't want us "stuck", so had planned on somehow putting their assets in my name and my brothers and/or adding us to everything over the next few years.

How would this work with the mortgages on their primary residence? Their investment property? Would this, indeed, help us avoid a long probate or similar hassles when they die (many, many years from now hopefully)

[ScottGem]

Your parents need to sit down with an estate attorney. The attorney can draw up a trust arrangement that can transfer their assets to children outside of probate.

A lot depends here on the amount of their potential estate. You really need an attorney to navigate the potential pitfalls and liabilities.

[LadyB]

Thanks. We aren't talking huge amounts or anything. The 2 houses is what they are most interested in. One just appraised at 250k and the other is only worth about 110k.

[Emland]

You want to get an attorney that is knowledgeable in estate law. My husband and I spent the $ and got one set up and we are what I consider very young (40s). In our situation, we have a child with special needs, but it will make life so much easier when it comes to probate if you have the trust in order.

Our estate plan even includes our instructions for burial, what we want done with our personal affects and all that stuff that is uncomfortable to talk about with your kids.

It really is a "pay me now or pay me later" kind of thing. Either pay the estate attorney now to make life easier or pay an attorney after they are gone to hash it out and that is not something you want to do after the loss of a loved one. My father-in-law died without a will and my husband had little time to grieve, he was constantly going between attorney and courthouse, etc. to get his estate in order.