Follow
Share

She has a home that I live in with her that I would like to keep for me to live in

Hi, Jim. It’s good to plan now for what you’ll do when your mother passes.

Do you work and/ or have money coming in? Will you be the sole heir to the house and is there still a mortgage on it? How much does it cost to maintain the house in terms of the electrical and gas bill, garbage bill, water bill, and homeowner’s insurance? Property tax is another consideration. And of course, eventually there will be things that need to be repaired or replaced, some of which can be very expensive like a roof.

You might consider planning to have a housemate to make it more affordable for you to stay there.
Helpful Answer (3)
Reply to SnoopyLove
Report

Are you listed in your mothers will to inherit her home when she passes? If not that may be an issue with you remaining in the home.
And if you don't even have money to make sure your mother can have a proper burial or cremation, how do you think you'll be able to pay the upkeep and monthly bills of living in her house? Those are things you must consider.
Cremation is much less expensive than a burial, but you're still going to need around $2000, perhaps more depending where you live for a cremation.
I wish you well in getting this figured out for your mother, as she deserves a decent exit from this world when the time comes.
Helpful Answer (2)
Reply to funkygrandma59
Report

Good information from SnoopyLove and funkygrandma59.
By "fees," do you mean paying for final arrangements? Even basic plans (cremation, no funeral) can be costly. If you're interested, I can post how much we paid last week for my mom's basic plan. If there will be very little or no money when your mother dies, you could ask family members (if any) or folks in your community to help pay. Not everyone is comfortable with this, but people do it nonetheless.
Helpful Answer (2)
Reply to Rosered6
Report

Not "if" but "when" she passes. At 94 it may not be long, but more details about her condition would be helpful.

The first question is: Does your mother have a will, trust, or transfer-on-death deed for the house? That determines a lot.

If the house is only in her name and there isn't another estate-planning tool in place, the home will generally become part of her estate and may need to go through probate. Funeral expenses, final bills, and estate administration costs are typically paid from estate assets before heirs inherit anything.

If there truly isn't much cash available, many families use estate funds, sell other assets if there are any, or in some cases borrow against the estate until the home can be transferred or sold. Some funeral homes also offer payment plans.

Since you live in the home and hope to keep it, now is the time to sit down with an elder law or probate attorney in your mother's state. A short consultation can help you understand your options before a crisis occurs. There may be ways to simplify the transfer or reduce costs, but those depend on your state's laws and how the home is titled.

Can you tell us what state you live in, whether she has a will or trust, and whether the house is paid off or has a mortgage? Those details will make a big difference in the answers you'll receive.
Helpful Answer (3)
Reply to Geaton777
Report
Jims64 6 hours ago
I am in Connecticut. My mother has a will leaving the house to me. I am talking about lawyer probate fees and funeral costs. She does have a cemetery plot and headstone from when my father passed 3 years ago. I am checking and thinking she does have life insurance policy. I am worried about lawyer fees for Probate. Thanks
(2)
Report
See 2 more replies
Ask a Question
Subscribe to
Our Newsletter