Legal Question in Wills and Trusts in Georgia
Regarding Real Estate and Probate
Friend of family died (mother) and left a 19 yr old son. Home is in the name of deceased mother and her parents (who do not live in home, and are alive). Son wants to stay in home. What are options as far as ownership of home (title put in his name)? Has little money (so closing costs would be a hardship). Can the home be "gift deeded" to son from the grandparents? We realize title could stay in name of grandparents and he could be tenant, but grandparents are extremely old and we're afraid if they should die, other family members may cause problems. Should he see a real estate attorney or probate? Will there be probate taxes involved? Please let us know. He's very vulnerable and we're trying to help. Thank you very much.
1 Answer from Attorneys
Quit Claim Deed
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It would depend on whether there is any debt on the property. If there is debt (a first mortgage), he will need to deal with the bank before he works on the transfer of title. Also, you did not provide enough information about whether the mother died with a will or without a will. If she died without a will, you may experience NC probate problems that we would be unaware of as GA attorneys. If their is no debt on the property and the property has passed to someone else, they can usually enter into a quit claim deed (for natural love and affection -- being family members) that invokes no tax and passes the property to the target beneficiary. Tax, that is, being cap gains or income tax. You cannot avoid the state transfer tax and/or the DSD tax, if you put new debt on the property. Also, if you have an intestate death, you may need to draw up an administrator's deed. If you have a testate death and he is not legacy, then you may need an executor's deed. Based on the thumbnail of facts you presented, this should be neither hard nor expensive. Go see a local lawyer that specializes in real estate closings. He or she should have the forms on software.