Posted on: 02nd Jun, 2008 04:49 pm
hello. Hope all is well. My mom would like to add all of her seven children to the property. Is this possible and is their a limit on the ammount of owners on a title. What would you recomend? thank you.
Hi Esther,
That is a very good question. She should be able to add her children to title. However, I would highly recommend to seek the council of an estate planning attorney as inquire about a Trust. A trust will help you avoid probate, which could be very costly and something many people do not consider.
Best o' Luck
J
That is a very good question. She should be able to add her children to title. However, I would highly recommend to seek the council of an estate planning attorney as inquire about a Trust. A trust will help you avoid probate, which could be very costly and something many people do not consider.
Best o' Luck
J
Hi Esther,
Welcome to the forum.
Your mother can add her 7 children on the title through a quitclaim deed. But if it is a mortgaged property then your mother need to take confirmation from the lender before adding you on the deed.
Best of luck,
Larry
Welcome to the forum.
Your mother can add her 7 children on the title through a quitclaim deed. But if it is a mortgaged property then your mother need to take confirmation from the lender before adding you on the deed.
Best of luck,
Larry
juan is fully of nuggets of info - a good response.
i agree; consult with an attorney and consider a trust.
i agree; consult with an attorney and consider a trust.
Yes It is possible though there will be a certain amount of "paper work" involved. As others have said, dont rule out other options.
I believe you should be able to get a trust for 1-2K. Again probate can run up in the tens of thousands and can be very time consuming. I have a client that because the parents did not have a trust, they ended up being the longest and most expensive probate case in San Diego. I believe it took 8 years or something to finalize the court proceedings and at the end the court proceedings ended up being more that the equity left in the home.
Again
Good Luck
J
Again
Good Luck
J
that was me on the last post, wasn't singed in. The purpose of a trust is to avoid probate and you also may have some additional tax advantages.
My friends dad just died in pa, she was telling me about the crazy inheritance taxes, does anyone have any suggestions on how to handle this prior to passing away?
Grant Deed will probably be a better option especially if you are going to put in a trust.
