Re: Do I need to update gift deed?

You should probably contact an attorney and consider a trust, it would be wise to address the issue now in order to protect everyones interests and avoid unnecessary legal expenses down the road. Feel free to call my office or drop me an email if you have any further questions.

Re: Do I need to update gift deed?

I suspect that the "deed" to you conveys a remainder interest, subject to your father's life estate. If that is the case, he has not gifted the house to you, but a remainder interest. That is the nature of your interest. I don't know if you have children, but, without a will or, without transfering this interest into a living trust, upon you death, your interest would go by intestacy. That means part would go to your husband and part to your children.

I recommend for all concerned that you educate yourself.

You should probably create a living trust and execute other death and disability planning documents. Whether you can do this on your own or need attorney assistance has to do primarily with the nature and extent of your assets. Most people with a net worth of less than one million dollars ($1MM) can do this on their own. My book, "Create Your Legacy & Save the American Middle Class. How You Can Protect Your Family and Loved Ones in the Event of Death or Disability (Without Paying Legal Fees) and Win their Gratitude and Admiration" explains all you need to know in simple, plain English.

You can go to www.yourlivinglegacy.info for more information on this and obtain a download of the book. If you do decide its best to handle all of this without a lawyer, I offer online my Legacy Trust Package which includes a complete planning package, in simple English and valid in every State. The book is $19.95. The do it yourself trust package if you choose to use it is only $79.95.

Re: Do I need to update gift deed?

you should retain an attorney to coordinate this with and develop your own estate plan. without professional assistance it is unlikely that you will accomplish your goals and objectives with regard to this matter.