How would a tenant in common quick claim their share to their children? 4 Answers as of August 05, 2016

I have a quick claim with my siblings as a tenant in common and want to quick claim 1/4 share to my 2 children.

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Heinly, Benson, Killian & Kramer, An Association of Attorneys Not a Partnership
Heinly, Benson, Killian & Kramer, An Association of Attorneys Not a Partnership | Valerie L Kramer
First, it's called a Quit Claim not quick. The way you do it is to obtain a Quit Claim form, fill it out properly (which would include a proper legal description of the property) and sign it before a notary. Then you record the signed and notarized Quit Claim deed with the County Recorder where the real property is located. You will also have to prepare and file a Preliminary Change of Ownership Report (PCOR) with the County Assessor's Office. BUT you should really consult an attorney to discuss the potential legal and tax ramifications of adding your children to the property ownership prior to your death. Most of the time, it?s a very BAD idea to do so. It's usually MUCH better to let them take by inheritance for a variety of legal and tax reasons. You really should speak with an experienced attorney about your particular situation before you add them to the property. Once you deed an interest to them, you can't take it back if you subsequently find out it was a mistake to do so.
Answer Applies to: California
Replied: 8/5/2016
Law Offices of George H. Shers | George H. Shers
I am unsure what you mean by "quit [not quick] claim with my siblings". ?You can quit claim you interests to your children in the same fashion. However, you need to look at what the tax consequence would be [no stepped up basis at your death]. Many attorneys advise against given property interests to children while you are alive [many reasons for that].
Answer Applies to: California
Replied: 8/3/2016
Patrick W. Currin, Attorney at Law | Patrick Currin
You shouldn't use a quitclaim use a gift deed. If you transfer during life you lose favorable tax treatment for the kids. Better to form a trust and leave the property to them.
Answer Applies to: California
Replied: 8/3/2016
Law Office of Jeffrey T. Reed | Jeffrey T. Reed
You need to fill out a "Quit Claim" deed from you as you are listed on the last deed recorded, to your children. You also need to include a legal description of the property again as described in the last deed recorded on the property. If you have any questions it is best to find some legal help, maybe a title company or local legal service, if you do it wrong it could be expensive to get it corrected. You will also need to file a preliminary change of ownership form and be sure and file for a parent to child property tax exemption to avoid reassessment, the local tax assessors office should be able to help with that.
Answer Applies to: California
Replied: 8/3/2016
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