I found out today from the attorney who is drawing up my will that I will be able to leave my house and my car to my son who currently receives SSI, and it will NOT affect his monthly SSI amount. Apparently 1 house for him to live in and 1 car will not hurt his benefits. One of the conditions is that he MUST reside in the home. He can’t sell the house, and keep the cash, that would negate his SSI benefits.
This is great news to me because I could not imagine him in his current apartment for long term, because they keep raising the rent yearly. And he doesn’t get much SSI as it is, so he would need to find something cheaper, and I didn’t want that to be a way of life for him, constantly moving around.
Luckily, I have a very tiny newer 2 Bedroom house with minimal maintenance required, and it’s paid off. I was worried about leaving that to him, and how it would affect his SSI.
Also started a notebook detailing all of the instructions, resources, for such things as utility bills, auto insurance, property taxes and when they are due, where to find movers, where to find people who can fix things, the best places to buy appliances such as a refrigerator, washer, dryer, microwave, etc. things we all need in everyday life. Feeling incredibly sad as I’m starting my “notebook”, but it must be done, I think something like this would be very helpful for the people you leave behind, whether they have sz or not. I wish someone would have done it for me.
A separate trust will be incorporated into the will for “extra” cash as needed, whether it be weekly or monthly. My older son will be the trustee.
It’s such a huge relief for me to know he won’t ever have to worry about moving because of an increase in rent. And since the house is paid off, his monthly expenses will be very minimal, a lot cheaper than what he is currently paying for rent.