Estate Law Questions? Ask an Estate Lawyer.
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There is no grace period, the deeding of a property takes effect immediately unless the deed specifically directs otherwise and that direction would have to be in place when the deed was originally done.
The children or whoever received the property could create a trust or they could deed the property back to the original owner who could then create the trust and do whatever was supposed to be done. However, if the children are willing to agree to deed it back then they all (the children and the parent) meet with a real estate attorney and let them evaluate the best way to achieve the goal.
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The best avenue is probably going to be to apply for a guardianship over the child through the court system. This allows the guardian to care for both the health of the child plus the assets of the child's estate. The guardian can make all health care decisions for the child subjecto to oversight of the court.
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They don't have to be completely incapacitated all the time for a guardianship. The parent, siblings, and spouse can all try to be guardian and then the choice is just up to the judge.