Posted on: 20th Jan, 2008 08:24 pm
Yes my grandparents are putting their property in my name, or our names, I'm wondering which is better at this time. I don't want them to feel like they would lose there property if they make me the only grantee on the quick claim deed. The RETAINING UNTO THE GRANTOR LIFE ESTATE, does this protect them if it states that on the quick claim deed? Or do we need to put all 3 of our names as grantee, the only problem we have, is my grandfather has a daughter he does not want to be able to touch this property and get any of it, if they leave there names on it and die, would she then have a chance to get part of the property?
What is the best way to do this? without other family members they don't want to get the property?
Teresa
What is the best way to do this? without other family members they don't want to get the property?
Teresa
Welcome Teresa.
Your grandparents can sign over a quitclaim deed with life estate to you; so they retain their interest in property. The life estate is such that after your grandparents pass over, the persons named as grantees (here it's you) on the deed can take over the property. So, if the deed does not have the name of the daughter whom you don't want to give a share of the property, she will not have any chance to occupy the same.
But you should keep the deed and its copy safely with you so that in case of any dispute you have the legal evidence to defend yourself.
Thanks.
Your grandparents can sign over a quitclaim deed with life estate to you; so they retain their interest in property. The life estate is such that after your grandparents pass over, the persons named as grantees (here it's you) on the deed can take over the property. So, if the deed does not have the name of the daughter whom you don't want to give a share of the property, she will not have any chance to occupy the same.
But you should keep the deed and its copy safely with you so that in case of any dispute you have the legal evidence to defend yourself.
Thanks.
Hi Teresa,
Welcome to the forum.
I agree with the above poster that it is better to use a quitclaim deed with life estate to you. It will serve the purpose. Your grand parents will be the owner of the property until their death and you need not to give anything to their daughter.
You will have to notarize the deed and record the deed in the county recorder office to make the deed valid. if You don't make the deed valid or if she proves that the deed is not valid she can claim the property.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
I agree with the above poster that it is better to use a quitclaim deed with life estate to you. It will serve the purpose. Your grand parents will be the owner of the property until their death and you need not to give anything to their daughter.
You will have to notarize the deed and record the deed in the county recorder office to make the deed valid. if You don't make the deed valid or if she proves that the deed is not valid she can claim the property.
Feel free to ask if you have any further questions.
Best of luck,
Larry
does a life estate protect the house from medicare
Hi douglas,
Welcome to our forums.
There is a 3 year time period starting from the time the life estate deed has been executed, during which Medicare can take away property. However, if it'd past 3 years, Medicare won't take the property. You may contact an elder law attorney for further consultation in this regard.
good luck
Welcome to our forums.
There is a 3 year time period starting from the time the life estate deed has been executed, during which Medicare can take away property. However, if it'd past 3 years, Medicare won't take the property. You may contact an elder law attorney for further consultation in this regard.
good luck
my father was recently diagnosed with bone cancer. i want to be able to protect my mother's interest in the their home if he would pass away. is there any legal ramifications if we quit claim the property to myself and my three siblings but give life tenancy to my parents? they would still be responsible for property taxes and the such but we wouldn't have to worry about any taxes (unless we agree to pay) or the such for ourselves with being listed on the quit claim deed?
we live in wisconsin
welcome tracy,
i don't think there will be any legal ramifications if your parents quitclaim the property to you and your siblings along with maintaining a life estate for themselves. yes, unless you and your siblings chose to pay the taxes, they can pay it for you.
but if there is a mortgage on the property, then the lender will ask you to refinance it in your name.
i don't think there will be any legal ramifications if your parents quitclaim the property to you and your siblings along with maintaining a life estate for themselves. yes, unless you and your siblings chose to pay the taxes, they can pay it for you.
but if there is a mortgage on the property, then the lender will ask you to refinance it in your name.
i have talked to a title company and an attorney and neither told me i would have to refinance the home equity loan in my name.
Hi Tracy!
Welcome to forums!
If there is a mortgage on the property, then I think you should speak to the lender and clarify whether you need to refinance or not. As far as I know, if you are transferring the mortgage in your name, you need to refinance it.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If there is a mortgage on the property, then I think you should speak to the lender and clarify whether you need to refinance or not. As far as I know, if you are transferring the mortgage in your name, you need to refinance it.
Feel free to ask if you have further queries.
Sussane
my grandparents bequeathed their home to children. all the children are dead with the exception of my mother. there are 23 grandchildren.
i live with my mother. after her death what will happen to the property.
my mother said my grandmother signed over the property to her (my mother) before she died, but i was not sure she could do that because of the tenancy in common.
i have a cousin who is saying that the house is hers.
i don't want any problems after my mothers death.
my grandmother died about seven years ago. my mother has been living there every since.
i live with my mother. after her death what will happen to the property.
my mother said my grandmother signed over the property to her (my mother) before she died, but i was not sure she could do that because of the tenancy in common.
i have a cousin who is saying that the house is hers.
i don't want any problems after my mothers death.
my grandmother died about seven years ago. my mother has been living there every since.
my grandparents bequeathed their home to children. all the children are dead with the exception of my mother. there are 23 grandchildren.
i live with my mother. after her death what will happen to the property.
my mother said my grandmother signed over the property to her (my mother) before she died, but i was not sure she could do that because of the tenancy in common.
i have a cousin who is saying that the house is hers.
i don't want any problems after my mothers death.
my grandmother died about seven years ago. my mother has been living there every since.
i live with my mother. after her death what will happen to the property.
my mother said my grandmother signed over the property to her (my mother) before she died, but i was not sure she could do that because of the tenancy in common.
i have a cousin who is saying that the house is hers.
i don't want any problems after my mothers death.
my grandmother died about seven years ago. my mother has been living there every since.
Hi gina,
You will have to check out the property deed properly and see who is the actual owner of the property. If your mother is the sole owner of the property, then you will inherit the property after her death. But if the property deed mentions the names of other siblings as well, then their heirs can also claim the property.
Take care.
You will have to check out the property deed properly and see who is the actual owner of the property. If your mother is the sole owner of the property, then you will inherit the property after her death. But if the property deed mentions the names of other siblings as well, then their heirs can also claim the property.
Take care.