Legal Question in Wills and Trusts in Florida
I want to avoid probate. So I want to add my sons name on my house. What form do I need to use, and would this be benificial. He is the benifisheary on my will as well.
Tom
2 Answers from Attorneys
A quit claim deed is generally used to transfer such real property under your circumstances. Other issues to consider: any issue involving existing mortgage, possible gift tax issue, effect on medicaid eligibility, and others depending on your situation. Such transfers are often done to avoid probate and to enable ownership to pass to another family member without complications. Best to consider all issues in your particular situation.
You could do a deed to create a joint ownership, a life estate deed, a lady bird life estate deed. You can create a form of Trust.
However, each method has advantages and disadvantages. Some may violate laws or terms of contracts. Some may even make it subject to IRS liens and levy.
If you don't know what you are doing, and most do not, it's like doing surgery on yourself.
Years later I get a lot of these cases to fix a self help situation. I also make a lot more fixing mistakes than if my client came to me in the beginning to set it up right.
So it is your choice.
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