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 9 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.


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.