I really feel the need to share this. So...
If you or your older parents plan to pass along your/their house or belongings to kids, go ahead and set-up a Trust or a Will. It doesn't matter your age right now.
I'm telling you, this is something Black ppl as a whole, we fail to do. I see it consistently. Some of us know, but many of us are uneducated bc we've been kept from building generational wealth.
But understand , in this new Trump America, there's no telling what these local counties and govts are going to do, what laws they're secretly changing, and you won't find out until ur too late in the situation. With real estate being so hot right now, I don't put it past them to screw Black ppl over bc it's happened before, and we know how shady Trump and his cronies are. If your parent passes away, it's already hard enough to go thru the probate process, and then refinance to switch the title in your name. It's a difficult process. So you need a Will or a Trust, and a trust is probably the best option.
And some states may require you to refinance to switch the title to ur name, and if the house note is say 3% now, and you have to refi into a current rate of 7%, you may not be able to afford that, and they would have no problem taking your ish or offering you lowball to buy it bc ur bent over a barrel. In case you didn't know, it's not a good option to simply take over a house note after someone passes away bc the deed is not in your name, and the bank COULD take it back, and you'll get nothing. For example, they don't want you getting a house for 3% when the current market is 7%
There's alot to it, but these ppl only respect paperwork and process. And if you're Black, you better have that lined up. Otherwise they can find some loophole to take it and ur tears/emotions mean absolutely nothing.
If you or your older parents plan to pass along your/their house or belongings to kids, go ahead and set-up a Trust or a Will. It doesn't matter your age right now.
I'm telling you, this is something Black ppl as a whole, we fail to do. I see it consistently. Some of us know, but many of us are uneducated bc we've been kept from building generational wealth.
But understand , in this new Trump America, there's no telling what these local counties and govts are going to do, what laws they're secretly changing, and you won't find out until ur too late in the situation. With real estate being so hot right now, I don't put it past them to screw Black ppl over bc it's happened before, and we know how shady Trump and his cronies are. If your parent passes away, it's already hard enough to go thru the probate process, and then refinance to switch the title in your name. It's a difficult process. So you need a Will or a Trust, and a trust is probably the best option.
And some states may require you to refinance to switch the title to ur name, and if the house note is say 3% now, and you have to refi into a current rate of 7%, you may not be able to afford that, and they would have no problem taking your ish or offering you lowball to buy it bc ur bent over a barrel. In case you didn't know, it's not a good option to simply take over a house note after someone passes away bc the deed is not in your name, and the bank COULD take it back, and you'll get nothing. For example, they don't want you getting a house for 3% when the current market is 7%
There's alot to it, but these ppl only respect paperwork and process. And if you're Black, you better have that lined up. Otherwise they can find some loophole to take it and ur tears/emotions mean absolutely nothing.
My pops on the otherhand prolly already has his shyt planned.
