I want to acquire a quick or quit claim deed for my children when I die?
Answer:
This is an effective tool for estate planning. What I want to caution you about is transferring property before you die. You can prepare a Quit Claim deed now, but a deed is effective upon delivery to the recepient, not when it is written. Our state has an alternative, known as a "Transfer on Death" deed. See if your state has that option. If you give the property to the children before you die, you may not be able to get it back if you need the property. If you execute the Quit Claim deed, leave it with your other important documents so that it becomes effective only upon your death. No matter how good your relationship is with your children, unforseen events occur--and that includes interference by in-laws--that could cause you to need that property during your lifetime. Another issue you should consider is how difficult probate really is in your state. Our state follows the Uniform Probate Code and you can open and close a probate in a day in my state. My state has a flexible probate system. You could open a probate, appoint an executor and end the probate with that event. Probates in some states are difficult, but not everywhere. Avoiding probate in my state is not a reason to begin transferring property during your lifetime. I would suggest a conference with an estate planning attorney before you do this. Find out if avoiding probate is really an issue. However, one reason to transfer property during your lifetime is to qualify you for Medicaid if you need it. If you transfer property and then need Medicaid, there is a 36 month look back period that could disqualify you from medicaid. An hour with a good estate planning attorney is really your best option.
ok...go ahead
If you want to know how to do it, see:
http://www.mortgagefit.com/quitclaim-dee...
are you currently married?
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