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My elderly parents have a mortgage on their home. Can they still leave it to me in their will?

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‘Both parents still live in it, but one requires a full time caretaker. As far as bank accounts go, they are all set up with joint owners and beneficiaries.’

Helping one’s parents navigate estate planning can be a tricky affair, especially if one parent is in poor health.

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Dear MarketWatch,

I have two elderly parents who own their home, but are still paying a mortgage on it. Both parents still live in it, but one requires a full-time caretaker. As far as bank accounts go, they are all set up with joint owners and beneficiaries.

We don’t know what to do about the house though. Should my sibling or I be buying it from them now? Can a house be deeded to us in a trust or a will or an estate even if there is still a mortgage owed on it? What if only one parent is mentally and physically able to sign...

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