Real Estate Deeds Made Easy Since 1997
Millions of U.S. households have multiple adult generations. How do they divide up the worth of their home and the upkeep that goes into it? Who pays the mortgage, insurance, and property taxes? What happens if an owner leaves the home, or passes away?
A lot comes down to good deed planning.
In this discussion of vesting a multigenerational home, we check out the intersections of people’s lives and deeds.
Continue reading “Multigenerational Homeownership: How the Deed Is Vested”
A quitclaim deed easily, quickly transfers your home’s title. You can use a quitclaim to give a home to someone else, with no expectation of a payment from the recipient. Some people use quitclaims to pass homes to their family members.
So, is this a good way to carry out your wishes yourself — a sort of early estate planning? Who needs their home going under a probate court’s supervision after they die, right? And who wants to pay huge fees to the county for the trouble?
Fair questions. But…
Continue reading “You Can Quitclaim Your Home to a Loved One to Skip Probate Costs. Is It Worth It?”
Transferring the deed to your home is a simple matter. Generally, you just have to find the current deed to your home, then get the right deed form to write up your new deed to convey to another party, and take the document to a notary. Then your signature can be notarized and the deed can be filed.
But it’s best not to rush in. Some homeowners later regret signing over their deeds.
Let’s look at reasons not to transfer deeds too quickly — and how best to proceed when you do.
Continue reading “Warning: When Not to Sign Over Your Deed”
We’re glad you asked. You might have heard that a living trust can…
All of the above are reasons many people use this method of passing their property along after they die. And a home is a typical piece of property that people put into a living trust.
Importantly, a living trust is a revocable trust — it’s a trust you control during your life, and can change. Curious as to how it works? Here, we outline the basics of using a living trust to pass a lifetime home along to its future owner(s).
Continue reading “Can I Quitclaim My House Into a Living Trust?”
Compare the Alternatives
Thinking of putting your child’s name on your house deed? If that’s the person who will get the home after you pass in any case, it might seem sensible. And maybe it is, in certain circumstances. After all, probate can be time-consuming, and even contentious.
But before making this decision, do you know that your child is ready and willing to own a house? And at that point, have you consulted with an attorney and tax specialist about doing things this way? Here are some key issues to spot before obtaining professional guidance.
Continue reading “Should Your Child’s Name Be on Your House Deed?”