Young Mother Has To Buy Her Home Two Times
Mary loves her children and wants to make sure that they are provided for and that they have somewhere to live. The problem was that with the children owning part of the home, the home was "tied up." Mary could not sell her home if she believed that was the best thing to do or even if she had to sell it to avoid foreclosure. She could not get a mortgage loan to fix up the home because the children could not sign the mortgage or loan documents. Mary had an existing mortgage and she could end up paying 100% for the home, but owning only a portion of the home. To make matters worse, when Mary's children reach eighteen, if she and them had a dispute, they could force her to sell her home or buy their portion.
The solution was for Mary to go to Court and ask the Court's permission for her to buy her children's share of the home. It was cheaper to do it then than wait as the value of the home increased. The Court granted her permission to buy the children's' part, but required that she place the net proceeds for the children in an insured bank account and file an accounting every year with the Court.
Mary's situation was not unique. The failure of Mary's Husband to have a Last Will And Testament left Mary unprotected. Many women (and men too) find themselves in this very situation. All of the aggravation, time and money of having to get a lawyer and go to Court to get permission to buy back a home for which you have paid can be eliminated with a simple standard Last Will And Testament.
For your own protection, ask your Husband to make a Last Will And Testament leaving all property to you. And, while at it, why don't you make a Last Will And Testament protecting your Husband in case the unthinkable happens to you.
Don't wait. It is said that we are not promised tomorrow. The truth is that we are not promised the next moment.
The above information is general information only. For specific questions or clarification, contact a lawyer licensed in your state.
Related Tags: women, mother, single parent, mother and child
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