Legal Question in Real Estate Law in California
Hello, I have the same question as to whether a living trust can be used to transfer ownership of a person who is currently in joint tenancy on a property to someone else he/she chooses. My mom is 80 yrs old and has not been feeling well. She purchased a home which she has been paying mortgage on for over 13yrs. However, the title is in a joint tenancy with my brother on the title. She would like to transfer her share of the property to me while she is still with us instead of allowing my brother to fully claim the home when she passes away. Can this be done through a living trust or will? If so, how can this be done legally to that the transfer of ownership is fully binding? Please help. Thank you.
1 Answer from Attorneys
The very first thing to do is to terminate the joint tenancy. Your mom can do this as provided in Civil Code section 683.2. Look it up to be sure, but essentially what she needs to do is deed her half interest to herself as a tenant in common. She signs before a notary and the deed is recorded. Use care and accuracy in filling out the deed form, especially the property description.
Since such a deed only changes the way title is held, and does not change ownership percentages or anything else, it should not trigger any tax consequences or the due-on-sale clause of the mortgage.
It will, however, allow her to dispose of her half interest by will or trust instead of having it go, automatically, to the other joint tenant.
The next step is for her to set up who she wants to inherit her half interest. This would be done by will or trust. Consult an estate-planning lawyer at this point.
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.
