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
Email: [email protected]
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.