Parents Can Deed House to Thier Children Upon Their Death

By
Real Estate Agent with Keller Williams Realty EV (AZ) & Keller Williams SLC (UT) 629265000 & 7238507

Parents Can Deed House to Thier Children Upon Their Death

 

 

I've had a few situations come up lately where my seller's have passed away prior to their homes selling, and it has put the homes in Probate for months!   Here is some sound advice from one of our favorite Real Estate Attorney's Chris Combs of the Combs Law Group:

 

 

 

Question:  We are senior citizens living in Surprise.  Our only child is our son who lives in Ohio.  In order to avoid probate, we have placed all of our assets, such as mutual funds, in P.O.D. (payable on death) accounts with our son.   We own our home as joint tenants with right of survivorship, and we would like to add our son to the title.  Our son has bad credit, however, and we do not want our son's creditors to try to attach any interest that our son would have in our home.  If we don't add our son to the title of our home, will our home have to go through probate after both of us die?  Should we put our home in a revocable trust?
 
  Answer:  If you do nothing, and the equity in your home is less than $75,000 when both of you die, the home may be eligible for transfer by affidavit to your son without probate.  Otherwise, your Surprise home will have to be transferred to your son through probate proceedings.  Because all of your assets except the home are in P.O.D. accounts, I would not recommend a revocable trust just for the home.  What I would strongly recommend, however, is a beneficiary deed to the home by both of you to your son.  This beneficiary deed would be recorded now, but your son would have no interest in the home until after both of you die.  You can find the form in Arizona Revised Statutes Section 33-405.

 

Please don't hesitate to contact Chris for any of your Real Estate Legal Questions:

Contact Info

Chris Combs
Combs Law Group, P.C.
2200 East Camelback Road.
Suite 221
Phoenix, AZ 85016

Phone: (602) 957-9810
Email: info@combslawgroup.com

 

WOULD YOU LIKE TO KNOW THE VALUE OF YOUR HOME?  

GO TO:  ShannaDay.Smartzip.com for FREE on-line assessment.   Or contact:

 

 

 

 

Shanna Day

Keller Williams Realty East Valley

Phone:  480-415-7616

Email:  info@shannaday.com

FindAZhomesFAST.com

EastValleyPropertyValues.com

 

Parents Can Deed House to Thier Children Upon Their Death

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Rainmaker
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David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Good advice and why I am a big fan of PLANNING and doing things with an end in mind and not living for the moment and getting caught off guard

Oct 20, 2014 08:43 AM #1
Rainmaker
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Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Shanna Day Mega Team

Leader (AZ & UT)

great advice and a very smart approach to take

Dec 17, 2014 11:21 AM #2
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Rainmaker
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