What is the best way to transfer ownership of myhome after my death?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 10 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.

 


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption