Legal Question in Wills and Trusts in Missouri
Estate planning
My mother recently passed away. My father owns his home and wants to put my name on the title so that I will be able to sell it when that time comes. What do we have to do to put my name on the title? Is this the best approach or is there another way that will legally allow me to sell his home after his death?
1 Answer from Attorneys
Re: Estate planning
He could sign a quit-claim deed transferring ownership to himself and you as joint teants, but there is a much better option. He should consider executing a Beneficiary Deed naming you to take the property upon his death if he still owns it at that time. In the meantime, he can sell it , mortgage it, rent it out or whatever he wants to do. There may also be some tax advantage for you, in that your tax "basis" will be the value of the property at the time of his death which will probably save you some capital gains tax upon your resale of the property. This is an extremely easy and inexpensive procedure. Please feel free to call me if I might be of service.
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