Posted on: 12th Jan, 2008 10:40 am
My mother wishes to transferr her home to 3 of her children in equal ownership. The home is mortgage free and she will continue to live there until she is unable or deceased. What is the best way to transferr this home
the easiest way to do it is with a quit-claim deed, but it also appears that you may desire to ensure that there is a "life-use" clause, meaning that your mom has not just your permission, but a legal right to remain in the home.
clearly, in order to facilitate this entire transaction, you will need to seek the assistance of legal counsel. that individual can initiate and complete any documentation you would need and advise as to the ramifications of life-use and the granting of ownership to three siblings.
keep in mind that if one of you ever desired to sell his or her portion of the property, or the entire parcel; that you all would need to agree. obviously, family matters can get sticky. be sure you know what you are doing, and that you know all the details.
that is why it is essential to have legal representation (probably even for each one of you) in this transaction.
clearly, in order to facilitate this entire transaction, you will need to seek the assistance of legal counsel. that individual can initiate and complete any documentation you would need and advise as to the ramifications of life-use and the granting of ownership to three siblings.
keep in mind that if one of you ever desired to sell his or her portion of the property, or the entire parcel; that you all would need to agree. obviously, family matters can get sticky. be sure you know what you are doing, and that you know all the details.
that is why it is essential to have legal representation (probably even for each one of you) in this transaction.
Hello Bobby,
I think a ladybird deed will be better for the purpose.
With this, your mother will have a life estate on the property with the right to sell the property any time she likes. She will retain the ownership rights and name her children as the beneficiaries. The deed becomes effective only after she passes away.
You will find further information on ladybird deed here at http://www.mortgagefit.com/know-how/ladybirddeed.html
I think a ladybird deed will be better for the purpose.
With this, your mother will have a life estate on the property with the right to sell the property any time she likes. She will retain the ownership rights and name her children as the beneficiaries. The deed becomes effective only after she passes away.
You will find further information on ladybird deed here at http://www.mortgagefit.com/know-how/ladybirddeed.html
Add the children to a surviorship deed. Upon death, the property transfers to those left on title without having to go through probate court.