I own a home in Lakewood, OH & my son & his family would like to rent it, how do I protect them should I die? Codicil to my Will? Land Contract? Please help.
Real Estate I own a home in Lakewood, OH & my son & his family would like to…
Re: Real Estate
The answer really depends on what you want to acoomplish if you want hin to receive the house at your death with no further obligation then you could pass the house to him by codicil or by transfer on death deed.
If you have other children and your intent is that he buy this house from you then you need to use something like a land contract.
You also need to consider any tax consequences involved.
This answer is intended as general information not legal advise and does not create an attorney-client relationship. You should consult an attorney for specific advise related to your question.
Elizabeth S. Schmitz Attorney at Law
1900 Polaris Parkway Suite 450
Columbus, OH 43240