Considering a deed change? Consider a life estate deed. Thinking about adding or removing a spouse or child’s name to your deed? Adding a name is often not as simple a matter as you may think. Did you know that the kind of deed you sign can determine whether the real property is protected or not in bankruptcy, whether the house is protected against a Medicaid lien if you should need to reside in a nursing home and rely on Medicaid to pay for nursing home costs, or will keep your property out of probate? There may be other significant estate planning, including tax consequences based on the kind of deed you choose. Do you even get to choose?
What are you trying to accomplish? Why? Are you aware of the potential legal effect of such a transaction? Would you prefer to have the advice of an experienced real estate and estate planning lawyer before making a final decision?
Consider the following reasons for a Deed change:
- Death of Spouse or Co-Owner
- Marital Planning
- Financial Management Problems
- To Avoid Probate
- To Correct Errors
- To Redeem Ground-Rent
- Estate Planning
- Asset Protection Planning
Should I use a real estate lawyer or an estate planning lawyer? Well, … virtually all real estate transactions impact one’s estate planning.
Estate planning lawyers focus on ensuring that your property, including real estate, is titled properly and in a way that best achieves your estate planning goals, whether to add someone to the title without creating unexpected problems, avoid probate and the claims of creditors, for tax reasons, to protect the property for loved ones, including persons who have a disability or lack the experience or ability to take care of their assets, among other reasons. If the real estate issue relates to the boundaries of your property, surveys, sub-division, permits, disputes, and so forth, a real estate lawyer may be more knowledgeable in these matters.
A deed is not simply a piece of paper showing title. A good deed is the product of good counseling, and should be crafted to address your needs, so don’t cut corners! Important as a well-drafted legal document such as a deed is, what is said in the deed depends on what the person drafting the deed understands is desired and needed by the client. The only effective way for this to occur is to first have a thorough consultation in which your goals and circumstances are explored. Therefore, always obtain a “Rights & Options” consultation before making a deed change.
[For Additional Information, visit our Real Estate Law practice page]
Contact us now for help with your Deed Change.