Legal Question in Real Estate Law in Maryland
naming bebeficiaries on a deed
We are husband and wife owning property in Maryland ''tenants by the entirities'' on the deed. No mortgage. How can adult children be made beneficiaries to this property and avoid probate, while we maintain complete ownership? We might want to sell the property in the future without approval of bebeficiaries. Thanks.
2 Answers from Attorneys
Re: naming bebeficiaries on a deed
You can re-deed the property to yourselves as life tenants t/e, naming your children as remaindermen. But in doing so you have to be careful to draw up the new deed to preserve all rights of alienation so you can sell the property if necessary. You would be wise to have an experienced real estate attorney do this for you.
Robert Sher
Re: naming bebeficiaries on a deed
A life estate with reserved powers might work, but you need to look at the tax and other consequences of your various options.
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