Legal Question in Real Estate Law in Maryland

Re: changing deed

I am sure that this is an extremely difficult set of circumstance for you and for your family. I wish you all strength and solid faith as you address the issues that concern you.

Responding to your posted question, under these circumstances, a person COULD simply have the wife execute a deed. Theoretically, you could do this yourself, but there are so many ways to mess it up that it would make better sense to get a real estate lawyer to take care of the transaction for you. The fees should be very modest if all that is invovled is drafting a deed and filing it properly. If you decide to simply do this, feel free to give me a call and I can refer you to a good title attorney in your area.

HOWEVER, under the circumstances, it would make a great deal of sense to consult with an estate planning attorney BEFORE you take any action to convey the property. Even though the transaction may be relatively cost free for the drafting of a deed, it MAY involve substantial tax consequences (for you as the recipient of the property and also transfer taxes etc to record the property deed).

Plus, if you talk with an estate planning attorney, it may turn out that a straight deed is not the best option for your family. In any event, it usually makes sense to find out what the options are and the various consequences. A simple deed may or may not be the best way to go.

Also, though you may have already given some thought to this, it really makes sense to have a professional consider all of the asset issues (not just the real estate)-- some of which may not be obvious (life insurance issues, various work-related benefit plans, IRA's etc.) and devise a plan that will minimize cost and expense, and make sure that your wife's wishes and intentions are followed. Much difficulty later can be eased by taking proper and sensitive care to arrange things now.

Once again, if you care to, please free to contact me if you would like to chat and I will be happy to answer your questions as best as I can and to refer you to the appropriate expert professional as well.

I can be reached at the address below or at telephone 301/220-2200.