Legal Question in Real Estate Law in California

Re: Quick Deed

One way to do this is by purchasing a quitclaim deed form at a stationer's and filling it out very carefully, showing yourself as the grantor and yourself and your son as the grantees as joint tenants with right of survivorship. Be sure to include an accurate legal description of the property. Sign before a notary and hten take it to the county recorder.

However, even if you do all of this completely accurately, which many do-it-yourselfers fail to accomplish, you have probably made a giant mistake.

Passing property interests before death, such as giving a half interest to a relative as you are proposing to do, has two major disadvantages over the preferred methods, a living trust or a will. The first disadvantage is that the new owner (here, your son) will face a much larger capital gains tax if and when he sells the house in the future. The second disadvantage is that when you deed away property you can't change your mind, whereas with a will or most trusts you can re-write the terms (to disinherit someone, partly or completely) anytime until you die or are ruled incompetent.

My advice is to consult with an estate-planning attorney in your community.

Re: Quick Deed

I do not recommend adding your son to the deed. The problems are tax consequences, such as capital gains and gift taxes, liability issues if your son gets sued and no ability to change the transfer.

A living trust or will are better ways to transfer your house and other assets.

If you would like a free initial consultation, please telephone me or e-mail me with contact information. I have over 25 years experience in estate planning.

Good luck and thank you for your inquiry.

Re: Quick Deed

You should look into have a living trust prepared. That way, when you die, your son should receive a full stepped up basis in the property. If you just add him on to the property as a joint tenant, and you subsequently die, he will only receive a stepped up basis on 1/2 of the property. I you are interested in estate planning, feel free to contact us.