Posted on: 19th Aug, 2007 04:32 pm
my husband & i are preparing to do our will. we own three houses and we
have three sons married. should we quit claim deed our houses to our sons at this time or wait till one of us is deceased?
have three sons married. should we quit claim deed our houses to our sons at this time or wait till one of us is deceased?
Hi Wanda,
Why do you want to quitclaim your houses to your sons at this time?
When you are preparing the Will, I guess you will surely put your three sons on it. After your death, they will be getting their share of property as mentioned in the will. So I suppose you should not hurry to do the quitclaim now.
BTW, is there any specific reason for which you want to do the quitclaim right now? In that case, please let me know.
Why do you want to quitclaim your houses to your sons at this time?
When you are preparing the Will, I guess you will surely put your three sons on it. After your death, they will be getting their share of property as mentioned in the will. So I suppose you should not hurry to do the quitclaim now.
BTW, is there any specific reason for which you want to do the quitclaim right now? In that case, please let me know.
Hello Wanda,
Today in the complex world, a Will may not be sufficient to ensure that your property will remain within your family. For example if you Will your property to your son who goes into a large debt, then the Will would not protect his inheritance from being seized.
To avoid such problem, you may consider to create a generation-skipping trust rather than a Will. This type of trust is designed to conform that if you leave your property to your son, it will remain with him only. It also assures your property from being taken up creditors.
Today in the complex world, a Will may not be sufficient to ensure that your property will remain within your family. For example if you Will your property to your son who goes into a large debt, then the Will would not protect his inheritance from being seized.
To avoid such problem, you may consider to create a generation-skipping trust rather than a Will. This type of trust is designed to conform that if you leave your property to your son, it will remain with him only. It also assures your property from being taken up creditors.
"Should we quit claim deed our houses to our sons at this time or wait till one of us is deceased?"
If you quit claim the houses right now, these will become their property and you will not have right over them. You need to decide whether you want it to be so or not. While the statements in the will be applicable only after your death.
Miller
If you quit claim the houses right now, these will become their property and you will not have right over them. You need to decide whether you want it to be so or not. While the statements in the will be applicable only after your death.
Miller