Posted on: 24th Mar, 2009 06:39 pm
My cousin recently suffered a stroke and is in a nursing home. I doubt that he will ever be able to return to his home, which he owns. I am keeping his house bills current by paying his power bills, homeowner's association fees and his yearly property taxes. However, I would like to sell his home and use the money for whatever medical expenses he incurs and, of course, when he dies, keep whatever money is leftover from the sale. Will a quitclaim deed be all that I need to transfer the property from his name to mine? What other alternatives do I have? I would really like to avoid probate as there are no other issues to settle from his estate. I am his ONLY living relative and that's why I'm taking care of his expenses out of my own pocket, now. Please advise.
-Flash
-Flash
Hi Flash,
I think a quitclaim deed would be the best option in this situation. This will help him transfer the property to you so you can sell it to pay for his medical expenses. This will transfer the property interest to you stright away, eliminating the lengthy process of probate. Another way of avoiding probate would be to set up a trust. But given his current situation that might not be possible.
I think a quitclaim deed would be the best option in this situation. This will help him transfer the property to you so you can sell it to pay for his medical expenses. This will transfer the property interest to you stright away, eliminating the lengthy process of probate. Another way of avoiding probate would be to set up a trust. But given his current situation that might not be possible.
Thank you, Jenkin7. I just want to make sure that the nursing home cannot put a lean on any of my cousin's assets or be entitled to any of the funds from the sale of his property. The nursing home is presently receiving my cousin's monthly Social Security checks and I've taken care of all incidental medical expenses from my own pocket. Can I use the quitclaim deed available on some websites and have it signed and notarized? After it's notarized, with whom do I file it? How long is the quitclaim deed good for? What if my cousin lives for several more years, will I have to draw up another quitclaim to keep it active?
-Flash
-Flash
Hi Flash,
Your query has been discussed at http://www.mortgagefit.com/quitclaim/transfer-nursinghomelien.html#84718
Your query has been discussed at http://www.mortgagefit.com/quitclaim/transfer-nursinghomelien.html#84718