My grandmother has a house (no liens, no mortgage) that she wants to deed to me upon her death. How do we go about handling this? What paperwork do we have to fill out?
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My grandmother has a house (no liens, no mortgage) that she wants to deed to me upon her death. How do we go about handling this? What paperwork do we have to fill out?
First off do you have any other relatives, i.e. mom, dad, sisters or brothers living? As I could tell you how to do this but it would be all moot should granny die and they contest this deed. Also what state is the property in?
She will need to do it in a will. A good attorney who does wills and probate can be of great help
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Originally Posted by raynstarr
She should cover it by Will or by recording a new Deed in joint names with you as the survivor -
Make sure an Attorney supervises the whole transaction and documents carefully or you could find yourself in a dispute with other family members.
There are a handful of states that allow the transfer deed on death to be filed in the recorder's office thereby skirting the inherentance and probate issues. The states are Arizona, Arkansas, Colorado, Missouri, Kansas, Nevada, New Mexico and Ohio. Check out nonprobate.com if you want the forms and can do it yourself. Or you can hire an attorney and pay him to use the same form. It's up to you. You can do it yourself. This way if granny decides to change her deed before she dies she can and you don't have to do the will thing all over again just to change the deed. It has its pros and cons.
I have seen these type of deeds contested after dad passed away and left the home to a son and the other son got mad. Son lost and the deed stood on it's face. I've seen it all... you can contest anything. You can sue anyone for anything. Doesn't mean you are going to win, either.
Twinkiedooter wrote: First off do you have any other relatives, i.e. mom, dad, sisters or brothers living? As I could tell you how to do this but it would be all moot should granny die and they contest this deed. Also what state is the property in?Quote:
Originally Posted by raynstarr
The property is in Texas and I presently live in it. There will be plenty of people (my aunts, cousins) trying to take it should she pass away before we make the required changes.
Thank you all for your help!
If they will be contention over ownership, then I suggest, especially since you live in the house, that she file a quit claim deed deeding the property from her to her and you as joint tenants with right of survivorship. This way the house is outside the estate. The other relatives might still sue you over this on the grounds of undue influence, but if this is done while granny is still alive she can testify.
You do need to consult a real estate attorney about the tax consequences of this.
Yes, do this while granny is alive this way the others cannot stop the transaction if this is what she wishes. The TOD deed can't be done in Texas at this time. But the other way is better with the Quit Claim Deed and then putting the deed into both names with right of surviorship. You want to keep the property out of probate as probate can get pricey and takes forever.
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Originally Posted by twinkiedooter
Everyone has different experiences with do it yourself legal forms - I am uneasy with any site which contains language to the effect: "We are not Attorneys; we cannot give legal advice; consult with an Attorney if you need one." In my eyes this is a large financial transfer to attempt without legal counsel. The other angle is always undue influence if "granny" signs without legal advice - did she really know what she was doing? And the tax implications?
On the other hand do it yourself arrangements that go bad keep me working.
As I said - everyone has had a different experience; I don't see the 98% that are uncomplicated; I do see the 2% that are a nightmare.
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