Posted on: 19th Oct, 2008 01:35 pm
My brother's wife, who is a legal secretary, recently asked my mom to sign a quitclaim deed and add my bother and I as co tenants with rights of survivorship. She claims that signing the quitclaim deed will make things "easier" when my mom dies because the property will automatically pass to my bother and me as owners with no need for the estate to go to probate.
The home is paid for and there are no other beneficiaries. What does signing this quitclaim deed mean for my mom (good and bad) and will it really make it any easier when dealing with estate affairs?
My understanding that an estate will only go to probate when someone files a claim or there's a dispute.
The home is paid for and there are no other beneficiaries. What does signing this quitclaim deed mean for my mom (good and bad) and will it really make it any easier when dealing with estate affairs?
My understanding that an estate will only go to probate when someone files a claim or there's a dispute.
Hi ELMIKIMBIN!
Welcome to forums!
By signing a quitclaim deed, your mother will lose her ownership rights to the property. However, she may include a life estate clause in the deed which will enable her to stay in the house till her death.
Yes, things will definitely become easier if the property is owned by you and your brother. If your mother has a will, then also the property may go into probate.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
By signing a quitclaim deed, your mother will lose her ownership rights to the property. However, she may include a life estate clause in the deed which will enable her to stay in the house till her death.
Yes, things will definitely become easier if the property is owned by you and your brother. If your mother has a will, then also the property may go into probate.
Feel free to ask if you have further queries.
Sussane
So would a living trust naming my mother as both the grantor and trustee be a better way to avoid probate and still let my mom have control over her assets?
We're in Florida by the way and she does have a will already. I wanted to do a living trust and a pour over will for her.
We're in Florida by the way and she does have a will already. I wanted to do a living trust and a pour over will for her.
Hi max!
Yes, your mother can both be a grantor as well as a trustee for a living trust. This is considered to be one of the best ways to avoid a probate and save substantial costs. Yes, she will still have rights over the assets. Once she becomes incompetent, then the co-trustees will have the right to handle the assets.
Thanks.
Yes, your mother can both be a grantor as well as a trustee for a living trust. This is considered to be one of the best ways to avoid a probate and save substantial costs. Yes, she will still have rights over the assets. Once she becomes incompetent, then the co-trustees will have the right to handle the assets.
Thanks.