Legal Question in Wills and Trusts in Michigan
quick claim deed
My mother is 81 and owns 32 acres of
land she still owes on her mortgage and
i'm wondering how she would pass it on
to her 5 kids without it stuck in probate
when she passes. Thank you
2 Answers from Attorneys
Re: quick claim deed
She can quit claim the deed to herself and her children. When she passes on, the property will transfer automatically into the names of the remaining survivors who are on the deed. The transfer should be joint with rights of survivorship. Know however that this will tie up the property so that if she needs to mortgage it to pay debt during her lifetime, she will be unable to get a loan without all children being approved. Furthermore, when she passes, the five kids will all have to agree on what to do with the property. If they cannot agree, then they will end up in court anyway to have the property partitioned or otherwise dealt with.
You are welcome.
If you have further questions or concerns, please contact me via my website at www.lawrefs.com.
Re: quick claim deed
A quit claim deed is the most effective method, but a trust is also an alternative. If you would like my help, please contact me by visiting johntatone.com
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