What is the best way to transfer ownership of myhome after my death?
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What is the best way to transfer ownership of myhome after my death?
I refinanced my home and my grandson is going to live there and make the payment (he is actually buying it). He has bad credit so he cannot finance it on his own. I would like to make sure it can go into his name when/if something happens to me. What is the best course of action besides just the Will?
Asked on July 13, 2011 under Real Estate Law, New Mexico
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
A quick answer to your question to transfer your home to your grandson after your death is to put the property in a joint tenancy in his and your names. This can be accomplished by a grant deed. In a joint tenancy, the survivor between you and your grandson would end up inheriting the property by operation of law.
Given the age difference between you and your grandson, it anticipated that you would pass first and he would end up on titleif there is a joint tenancy deed with his and your names on it to the home. Hopefully your grandson between now and when and if he gets title to your home gets his credit in better shape to maintain the property. I hope this answers your question.
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