What are the steps that I need to take to accomplish putting my daughter’s name on the deed but keeping lifetime rights for myself?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What are the steps that I need to take to accomplish putting my daughter’s name on the deed but keeping lifetime rights for myself?
I am about to get married. I want to give the house to my daughter but I want to be able to come back to the home so I want lifetime right to the home.
Asked on October 13, 2011 under Real Estate Law, Maryland
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best way to ensure that your desires are met concerning your home is to consult with a real estate attorney. However, to answer your question, what you do is sign a grant deed before a notary public giving the real property that you want to give to your daughter, but reserving to you a life estate in the property.
You should state that you would be responsible for all upkeep and maintenance on the property so long as you reside in it including property taxes and insurance on the grant deed as well. The grant deed is then recorded with the county recorder's office where the parcel is located.
Given the potential tax ramifications of the transaction you desire, you really should consult with a real estate attoney before you do what you want to do regarding your home.
Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.