Posted on: 25th Aug, 2008 04:53 pm
my parents are both old and ill. they both have wills that state their home and all property are to be left to me (since i am the only child). we want to bypass probate and it's cost. they want the house to become mine only upon their death, is a quit claim deed the answer? can they sign a quit claim deed but not file it until their death and at that time i would sign it then file it? what is the best way for me to have rights to their property at the time of their death?
Hi Sandra.
Welcome to the forum. If your parents sign a quitclaim deed to you then it will transfer the property to you immediately. So I think your parents can sue a Ladybird so that the deed is transferred to you after their death. You can also avoid the probate process if you use a ladybird deed. BTW is it a mortgaged property?
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum. If your parents sign a quitclaim deed to you then it will transfer the property to you immediately. So I think your parents can sue a Ladybird so that the deed is transferred to you after their death. You can also avoid the probate process if you use a ladybird deed. BTW is it a mortgaged property?
Feel free to ask if you have any further questions.
Best of luck,
Larry
You could also put the property into a living trust.
