Legal Question in Wills and Trusts in Arizona
My father wishes to put me on the title of a home he is buying with a V/A loan. I'm not on the deed as a co-signer because my credit is bad and I have no income.
He wants to have the home go to me should he pass away. I thought in addition to being on the title, he should also create a will. What type of forms should we use if he needs to create a will (living, last will and testament, ?)
Also, would I just assume the interest of the property since I am on the title or should he do a quit claim deed as well? I'd like to assume making the payments under the VA loan as I cannot qualify for a loan on my own to assume the house. What should I do?
1 Answer from Attorneys
I would advise against putting your name on the deed right now. That would put the home at risk of loss to your creditors. A better solution might be for you and your father to enter into a contract for sale. You would make the payments and when all payments have been made, you would receive the title. You should also have your father execute a beneficiary deed which would automatically transfer title to you upon your father's death. You may contact me through my website at www.meyerlawaz.com if you have further questions.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
