Would like to transfer our house to our children while we are still living. If we end up in a nursing home at least part of our estate could be left to the kids.
2006-06-29 03:17:54 · 6 answers · asked by Bill N 1 in Business & Finance ➔ Personal Finance
Look into being joint tenants with right of survivorship. Either that or you could do an outright sale; you do a sale for $10 and the house becomes theirs. Watch out though - having been through this very recently, I can tell you that I would never take my name off a home while I still needed it.
My step-grandfather bought a home about 6 years ago, but had it immediately titled in my mother's name. It was so that there would never have to be any selling, transferring or governmental interference of any sort. Well, recently my mother got very angry with my step-grandfather and she confided in me that she has every intention of putting him out of the house.
You may think your kids would never do that, but it's just wiser to do the joint tenants with right of survivorship - or better yet, when you have to go into the nursing home, give them power of attorney and do the $10 home sale then.
Best of luck.
2006-06-29 03:23:48 · answer #1 · answered by tagi_65 5 · 0⤊ 0⤋
I think it makes sense to add your children to your home's deed for estate planning purposes. A real estate attorney should be able to take care of this for only a couple hundred dollars in fees.
A real estate attorney would know best of course, but I would not change the deed if you have a mortgage on the home. Changing names on the deed can be considered a sale and then trigger a due on sale clause in the mortgage. In effect, you have to repay or refinance the outstanding mortgage balance.
As long as you make your payments and are otherwise in good standing with your mortgage lender (if any), they probably will not call your mortgage and probably not even find out. That said, I would not do anything to give the lender the option. The lender is more likely to call the mortgage if interest rates rise in the future.
2006-06-29 11:31:07 · answer #2 · answered by Adoptive Father 6 · 0⤊ 0⤋
Have a quit claim deed prepared and executed then filed in the county registers office. Any title company can do this for you. All parties must sign. It should only cost about $100 to get this done! They have to do a search for hidden liens first.
2006-06-29 10:20:12 · answer #3 · answered by golferwhoworks 7 · 0⤊ 0⤋
I'm pretty sure that this could be done to protect your assets. Contact a real estate attorney to discuss your options.
2006-06-29 10:25:10 · answer #4 · answered by Chris 4 · 0⤊ 0⤋
why do you wnt to transfer the house...when you can have a will that can be executed after your death....consult a good lawyer and prepare a will....
good luck
2006-06-29 10:22:58 · answer #5 · answered by Pinky Patel 3 · 0⤊ 0⤋
i think it's best to make a will
2006-06-29 10:22:12 · answer #6 · answered by islandgrl 4 · 0⤊ 0⤋