My wife’s father wants to leave his house to her. Unfortunately, he has cancer, and we are planning to move into the house next year in Mississippi. We have six kids, and my wife is currently in nursing school while caring for our youngest children (3 years and 10 months old). I’m the only one working, and we rely on Medicaid and food stamps to make ends meet.
We’re trying to figure out whether a will or a trust would be better for transferring the house to my wife. We want to avoid unnecessary expenses or complications. Any advice on which route is best?
A will is the cheapest option, but it’s important to have it done properly by an attorney to avoid issues. Expect to pay around $1,000 for a solid legal will. Avoid fill-in-the-blank forms as they can easily be contested or rejected in court. If there’s any chance someone might dispute the will, definitely consult a lawyer.
If his prognosis is terminal, it might be easier to add your wife to the deed now. That way, when he passes, you’d just need a death certificate to remove his name. This would avoid probate entirely.
True said:
If his prognosis is terminal, it might be easier to add your wife to the deed now. That way, when he passes, you’d just need a death certificate to remove his name. This would avoid probate entirely.
Even if your wife is added to the deed, she might still need to file for succession. I’ve seen cases where property isn’t fully transferred unless succession is done, which requires a lawyer. A living trust could avoid this step entirely.
True said:
If his prognosis is terminal, it might be easier to add your wife to the deed now. That way, when he passes, you’d just need a death certificate to remove his name. This would avoid probate entirely.
I’m sorry to hear about your father-in-law’s health. With your family’s situation, it might be worth setting up a living trust. In Mississippi, property inheritance through a will typically has to go through probate, which can be time-consuming and costly. A trust would avoid probate entirely, making it easier for your wife to inherit the house.
Sending you and your family my best wishes during this tough time.
I’m not a lawyer, but trusts are frequently used in Mississippi. A trust could also protect the house from medical bills your father-in-law might incur.
Consider a life estate with your wife listed as the remainder person. When your father-in-law passes, all you’d need is his death certificate and $10 to transfer the deed directly to her. It avoids probate and simplifies everything.