Posted on: 13th Feb, 2009 02:37 pm
ny in-laws home is free and clear, and they would likr to include their two adult children in the title. what do they have to do to include their names in case of their deaths.
Have either a grant deed or quitclaim written up by a title company. This will add the children to title that way.
Hi blinky,
Ashley is right. Adding the two adult children to the title won't be difficult for your in-laws. All she needs to do is to sign a quitclaim deed, grant deed or a warranty deed to transfer their share in the property to the children. However, after transferring property through a quit claim deed, your in-laws will not hold any legal rights to the property. Thus, in my opinion, an enhanced life estate deed or better known as a lady bird deed would be a very good option. This deed will help your in-laws transfer their interest while retaining a life estate for them during their lifetime. This will also give them the right to sell the property without having to consult with their children. In addition to that, after their death, the property would be transferred to their children without having to go through probate. To know more on Lady Bird Deed visit the following page:
http://www.mortgagefit.com/know-how/ladybirddeed.html
Ashley is right. Adding the two adult children to the title won't be difficult for your in-laws. All she needs to do is to sign a quitclaim deed, grant deed or a warranty deed to transfer their share in the property to the children. However, after transferring property through a quit claim deed, your in-laws will not hold any legal rights to the property. Thus, in my opinion, an enhanced life estate deed or better known as a lady bird deed would be a very good option. This deed will help your in-laws transfer their interest while retaining a life estate for them during their lifetime. This will also give them the right to sell the property without having to consult with their children. In addition to that, after their death, the property would be transferred to their children without having to go through probate. To know more on Lady Bird Deed visit the following page:
http://www.mortgagefit.com/know-how/ladybirddeed.html