Does a quitclaim deed override a will? This reader wants to know which document is used to determine who inherits the property of a friend who passed. Q: My friend filled out a will before she married her last husband. She owned a house and when she married she did a quitclaim deed with her [...]
How do you change a deed from tenants in common to joint tenants? This homeowner also wants to know if it will trigger any adverse tax consequences. Q: My wife and I purchased a home over 40 years ago. The original deed is titled as John Smith and Sally Smith. This defaults to tenants in [...]
Revocable vs irrevocable trust: which is better. The difference between revocable and irrevocable trusts and the purpose each serves in estate planning. Q: I am divorced and have two grown daughters. I am placing my house in a trust. My attorney is recommending an irrevocable trust. Which do you prefer, revocable or irrevocable and why? [...]
What is the difference between a trust and a life estate? And is it easier to sell a home that's held in a trust or in a life estate? Q: Not really a question as much as a comment. As a Realtor for 34 years I’m not a fan of trusts, so I’m disappointed in your [...]
Should you add a child’s name to your property title? Pros and cons of adding a child as co-owner to avoid going through probate to inherit property. Q: I just read your column giving suggestions to an elderly mother who wanted to make sure her daughter received her home at death without probate. I'm a [...]
How to leave property to a child. This reader wants her daughter to inherit her home, but doesn’t want her to have to go through probate. Q: I am a 77-year old widowed woman. I have a house with a mortgage that I purchased a little over a year ago. At the closing, I asked [...]
What happens when the co-owner of your home dies with debt? This reader is concerned they’ll get stuck with the bill or worse, that they’ll lose the home. Q: My mother and I currently share ownership of my home. We own the home equally. I've been reading some of your posts on ThinkGlink.com and it [...]
With an underwater mortgage, this senior homeowner is desperate for help. Thanks to the Great Recession, this older homeowner is struggling with selling at a loss or staying in their home. Q: My mother is 90 and needs to soon move from her condo to an assisted living facility. She bought her condo at the [...]
Can you sell your home if it’s held in a living trust? It all depends on how you set up the trust and what happened with the quitclaim deed. Q: In 2012, I set up a living trust, and at that time signed a quitclaim deed to my house and property over to my daughter. [...]
What you need to know about paying taxes on a home sold after a spouse’s death. Q: Just finished your awesome article on computing tax due on the sale of the primary home when a spouse passes. I just had a quick question. Let’s say a spouse passes on March 01, 2017. The first thought [...]
