Legal Question in Real Estate Law in California

Re: Adding wife to deed

Changing the titled deed is very easy. Problem is the effect of changing the title in the form of the titled it is changed into. That can have substantial effect on taxes, in case of a divorce, inheritance rights and other matters. Therefore, to give you any legal advice given what you have written would be malpractice. You must, must, contacted attorney who is experienced in estate planning/real estate who understands these situations. He can question you as to the intent of your self and your wife and give you recommendations and explain potential problems. I am in the San Francisco Bay area would be more than happy to consult with you if you wish. 925 -- 945 -- 6000

Re: Adding wife to deed

Be careful before making any changes to title, because it can trigger adverse tax consequences. Rather than putting your wife on title, the better thing may be to amend your trust or create a new joint trust with your wife. A trust is better than joint tenancy because it eliminates the need for probate upon the death of both parties. Feel free to contact our office if we can be of assistance.

Re: Adding wife to deed

1. You should always have a trust.

2. You must determine what how you want to provide for your children. Do you want to leave 1/2 of the condo to them still?

3. You must look at your overall tax consequences, both short term and long term.

Re: Adding wife to deed

There is inadequate information regarding your "trust" question. As to adding her to the deed, if she pays off the mortgage you can have the trust's trustee deed to her whatever portion of the property she is purchasing by her payoff, which she can hold as a "tenant in common". Of course, whether this is wise depends upon a lot of considerations which you cannot address in an e-mail. I suggest you consult with a lawyer to work this stuff through with you who can obtain the details, understand your goals and recommend the best course of action.