If I have a Will that leaves my home to my mother should I die before her, would it benefit her or myself to do a quit claim deed to add her now?
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If I have a Will that leaves my home to my mother should I die before her, would it benefit her or myself to do a quit claim deed to add her now?
Would this save her or myself legal issues or expense to add her name now?
Asked on September 15, 2011 under Real Estate Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
In order to adequately answer your estate planning questions, you really need to consult in person with an experienced wills and trust attorney to discuss your total assets and your estate planning desires in order to minimize any estate tax issues that could result upon your passing.
If you quitclaim your ownership interests in your home to your mother, you essentially are making a gift of the home to your mother whcih could very well trigger immediate gift tax consequences and payment under Internal Revenue Service regulations and guidelines by you.
Unfortunately, your question is not specific enough to give a concrete answer and this is why you need to consult with an experienced wills and trust attorney as to your motivations and estate planniing desires.
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