Posted on: 30th Oct, 2006 09:02 pm
I would like to quit claim a property, I own out right, to avoid my grand-daughter from having to wait for it to go thru probate, if I should die soon.
I don't want the property to pass thru my will, if at all possible. Should I sell it to her, at a substatioanally re-duced price, or quit claim it to her?
I don't want the property to pass thru my will, if at all possible. Should I sell it to her, at a substatioanally re-duced price, or quit claim it to her?
Hi Damor,
It is good that you want your grand-daughter to avoid the probate costs and procedures. It does require a lot of money. Anyway, you can quit claim your property if you wish to transfer it to your grand-daughter. But think about the gift taxes if you are required to pay any. Consult a tax advisor for this purpose.
If you wish to get more information on gift taxes, refer to our discussion on Gift Tax Exemption .
Feel free to clarify your doubts.
God bless you
Samantha.
It is good that you want your grand-daughter to avoid the probate costs and procedures. It does require a lot of money. Anyway, you can quit claim your property if you wish to transfer it to your grand-daughter. But think about the gift taxes if you are required to pay any. Consult a tax advisor for this purpose.
If you wish to get more information on gift taxes, refer to our discussion on Gift Tax Exemption .
Feel free to clarify your doubts.
God bless you
Samantha.
If you quit claim your property with a life estate, I think that"ll be a good option. This means that while your property is conveyed to your grand-daughter, you retain the legal right to stay in it throughout your lifetime. This way, nobody can force you out of the house during your lifetime.
hi damor,
another option is what is called the "joint tenancy with rights of survivorship" can be used to avoid probate proceedings and cost.
but of all these options quit claim deed is the easiest way for you to transfer your property in your grand-daughter's name.
thanks
larry osterman
another option is what is called the "joint tenancy with rights of survivorship" can be used to avoid probate proceedings and cost.
but of all these options quit claim deed is the easiest way for you to transfer your property in your grand-daughter's name.
thanks
larry osterman