Posted on: 09th Mar, 2009 02:19 pm
i own a home and i would like to give it to my grandbaby after i am gone. should i get a living trust? should i make out a quit claim deed and store it in a safety deposit box?
what is the most expensive? least expensive? he is 2 years old will he be able to have it? i'm confused. i live in washington state.
what is the most expensive? least expensive? he is 2 years old will he be able to have it? i'm confused. i live in washington state.
Hi always1cfl,
Transferring your property to your grandbaby through a living trust is a good option. Creating a living trust can help you avoid the long and expensive probate process. The property gets transferred to the heir(s) after you are gone with immediate effect. A living trust is revocable which means you can change it any time you want to during your lifetime. The initial costs of setting a living trust might be a little high, but considering its advantages, spending money would be worth your while.
You can also think of signing a quitclaim deed while retaining a life estate for yourself. This will transfer the title to your heirs with immediate effect and you will also have the right to stay on the property. However, you may have to pay certain taxes like the gift taxes. But there are certain gift tax exemptions which you can avail. I think you can consult an estate planning attorney who can guide you the best in this regard.
Transferring your property to your grandbaby through a living trust is a good option. Creating a living trust can help you avoid the long and expensive probate process. The property gets transferred to the heir(s) after you are gone with immediate effect. A living trust is revocable which means you can change it any time you want to during your lifetime. The initial costs of setting a living trust might be a little high, but considering its advantages, spending money would be worth your while.
You can also think of signing a quitclaim deed while retaining a life estate for yourself. This will transfer the title to your heirs with immediate effect and you will also have the right to stay on the property. However, you may have to pay certain taxes like the gift taxes. But there are certain gift tax exemptions which you can avail. I think you can consult an estate planning attorney who can guide you the best in this regard.