Charles M. Schiff, Attorney at Law | Charles M. Schiff
There are risks to doing what you suggest. A better option might be to use a Transfer on Death Deed(T.O.D.D.). An attorney would need to know your specific situation and what you hope to accomplish in order to advise you.
Answer Applies to: Minnesota
The Schreiber Law Firm | Jeffrey D. Schreiber
No. You should give it to her by will or by a trust. Otherwise, she could have tax issues if she were to sell it after your death. Also, the loan matter needs to be resolved as the bank may call the loan due if you were the borrower and are deceased.
Answer Applies to: California
Apple Law Firm PLLC | David Goldman
This might trigger a due on sale clause and create potential tax problem when she sell the home. You typically want an appreciated asset to transfer after death, this can be done with a trust or a lady bird deed. You should consult with a lawyer to review your circumstances to see what make sense in your situation as some options can cause other problems with medicaid or other things if they are needed in the future.
Answer Applies to: Florida
Harville-Stein Law Offices, LLC | Dean D. Stein
This is a special estate planning question that can only be answered by a complete review ofyour particular situation. Depending on your age, you may lose the ability to claim exemption or homestead if another person, of a younger age, appears on your deed. Also, you may need to sell this home at some point, to take care of your own needs. If you have an adult child's name on the deed, you will need them to sign off on any sale. What happens if theadult child themself becomes incapacitated? Then your right to transfer the property will become encumbered by their disability. Placing anyone else's name "on your home" is a step that should be verycarefully considered before being done.
Answer Applies to: Alabama
THE HUBBARD LAW FIRM, P.C. | Donald B. Lawrence, Jr.
That would be a good idea only if you do it by the correct method. One cannot tell from your question if you may die imminently or sometime in the indeterminate future. In either instance, it should remain your house and in your control until you die or decide to part with it permanently. In order to have the house go to your daughter at your death without the hassle of probate, you should use an enhanced life estate deed, sometimes referenced as a "Lady Bird" deed. In this deed you state that you are transferring title to "X" (your daughter or whomever you want) but are reserving the right during your lifetime to revoke the transfer, to sell the property, to mortgage the property or exercise any other incident of ownership during your lifetime. This gives you complete control over the property but assures that your daughter will get it at your death unless you have conveyed it, sold it or otherwise disposed of it during your lifetime. That way, if your situation changes and you decide to do something other than give it to your daughter at your death, you do not need to get her permission to do so and she cannot force you to sell it or to split the value of it with her, not that she would ever do any of those things but you won't have to worry about it. This answer also assumes that your daughter is a competent adult and not a child or incapacitated. If those factors are applicable, you need to ask additional questions.
Answer Applies to: Michigan
James Oberholtzer, Attorney at Law | James Oberholtzer
The answer to your question depends on the all of the facts of your specific situation. No attorney can give you specific advice to your situation without knowing the entire situation. I can comment generally based on the information that you provided in your question. However, you should understand that the information contained in your question does not contain essential information needed to provide you with legal advice. This message is not intended to be legal advice for you and you should not consider that we have formed an attorney/client relationship. I am assuming that you are in Oregon and that Oregon law applies. You really need to think of this in terms of your entire family and your entire estate. An estate plan needs to cover everything and not just one part to be effective. What are all of your assets and all of your debts and liabilities? Given them, how does this idea fit into the entire plan? If you only have one child and no spouse and no other commitments, then you might want to put the house in both of your names as joint tenants. You need to be sure that the house is worth more than the debt on the house and that your child wants the house and will be able to use it.
Answer Applies to: Oregon
Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
The trust deed (mortgage) almost certainly has a "due on sale" clause, which makes any transfer a default on the mortgage. You can't "put somebody's name on" the deed you are transferring an interest in the house to her. This is almost always a bad idea. It is a gift, which has ramifications, and it makes the house subject to your daughter's creditors and other problems. Oregon just adopted a new law allowing for "transfer on death" deeds, so that may be an option. But please, see a good estate planning lawyer. Once you pass away, bad estate planning cannot be fixed.
Answer Applies to: Oregon
Donaldson Stewart, PC | Monica H. Donaldson Stewart
Rather than transfering the house to your daughter now, you may want to consider executing a "beneficiary deed." This document preserves your interest in your house during your lifetime, but automatically transfers ownership to a named beneficiary upon your death without the need for probate. I recommend you speak with an attorney for more details to determine if this is your best course of action.
Answer Applies to: Arizona