joker3428
May 10, 2009, 06:35 AM
My mom added my name to her house deed with a quit claim deed. When she passes the house will not go into probate correct?
ScottGem
May 10, 2009, 07:40 AM
Depends on the wording of the deed. If the property was deeded as Joint Tenants with right of survivorship, then yes, it goes to you outside her estate.
However, if she does that, she is essentially making a gift to you of half the value of the property. She may then need to pay gift tax on that value.