Legal Question in Wills and Trusts in Pennsylvania

Is the home paid for? The answer could be as simple as your parents adding you to the deed with right of survivorship, meaning if they die, the share of the dead parent automatically passes to the survivors, which would be you and the other parent.

If the home is not paid for, then your parents would have to first talk to the mortgage lender and get approval to add you to the deed. Either way, they would need to see a real estate lawyer in PA as that is where the land is located.

If they are unwilling or unable to add you to the deed, then they each need to make a will giving you the real property upon their respective deaths. In the alternative, they might want to make a revocable living trust if they own property in NJ or other states too. In such case, the trust should provide that the home in PA is to go to you. If your parents need to revise their will or create a revocable living trust, then they should talk to an estate planning lawyer in New Jersey since that is where they reside.

Rachel's answer is quite correct. It is probably as simple as adding you to the deed or maybe just modifying the deed so that you are the only one on it. Even if the house is not fully paid off, the mortgage company is unlikely to object to the transfer. However, be advised that there is a transfer tax when you change title. If the property is mortgaged, you can't do a $1 gift as the there will be a gift of the mortgage as well, potentially making it a large fee.

I'm licensed in both NJ and PA if you wish to explore whether it is better to do the transfer now or for your parents to revise their estate plan.

Kevin A. Pollock, J.D., LL.M.

www.PollockAtLaw.com

P: (609) 818-1555

Licensed to practice law in Florida, New Jersey, New York and Pennsylvania.

Also, visit my blogs at:

http://WillsTrustsEstates.blogspot.com/

http://BaseballLaw.blogspot.com/

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