we are an elderly couple who would like to have our daughter's (heir) name on the deed of our home. There is a mortgage. How do we go about this? I called for an appointment with an attorney several weeks ago, but have not had a reply.
2 Answers from Attorneys
Dear Elderly: Welcome to my ranks of the elderly, I'm with you also. As a practitioner for more than 35 years, I hesitate to recommend placing your Daughter's name on the deed since that may make her (equally) liable for any deficiency or default in the payments of taxes, mortgage payments and maintenance under the municiopality's building and housing codes.
You may wish to consider the alternatives of a Transfer on Death Deed, or a Trust for the benefit of your Daughter and other heirs such as grandchildren, nieces, nephews, etc.
Contact an experienced Attorney for guidance and implementation of your kind parental wishes. Good luck and God Bless...
Sincerely, J. Norman Stark
Placing your daughter's name on the deed is generally not a good idea. You will be subjecting your home to her creditors and if she is married any future divorce. It also can cause adverse income tax consequences and effect any future medicaid application.
If your goal is to avoid probate, I would suggest you consider a Transfer on Death Affidaivit or a trust.
This is something where you really need the help of an experienced attorney.
Related Questions & Answers
Do i need to file a real estate lien to ensure repayment of a promissory note Asked 2/25/13, 10:18 pm in United States Ohio Real Estate and Real Property
My ex was evicted from my home first week in October. I sent an eviction notice and... Asked 2/12/13, 10:35 am in United States Ohio Real Estate and Real Property
Am I required to have a real estate license inorder to do an Assignment of Purchase... Asked 2/11/13, 9:22 am in United States Ohio Real Estate and Real Property
My father-in-law owned a house which my husband and I lived in. He passed away in... Asked 2/07/13, 10:06 am in United States Ohio Real Estate and Real Property
I am writing on behalf of some African refugees, renting property. The Federal... Asked 1/27/13, 8:05 am in United States Ohio Real Estate and Real Property