Q: My Mom has two pieces of property and she would like to know how she should set up her estate to divide property equally between her 3 children.
A: I’d suggest that she create a trust, and put the two pieces of property into the trust. The three kids can be named beneficiaries of the trust. Upon your mother’s death, ownership of the properties will transfer automatically to the three of you and you can either sell them, and divide the proceeds, or you can keep them and run them out of the trust.
It shouldn’t cost too much to set up a trust, but it will make this entire process much easier after your mom dies, and it will potentially save you money in inheritance taxes.
Please see an estate attorney for details.
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