Complicated question regarding estate and quit claim

krobertson713 · Joined: 18 Mar 2009 Posts: 1 1.85 Dollars($)

My siblings and I are heirs to my deceased mothers 50% interest in a home owned with her second husband who also maintains usufrucy of the house.

Our step father has asked us to transfer our interest to him so he can reverse the mortgage. We are agreeable to doing this and understand the financial repurcussions thereof.

However, our stepdad's kids are something short of good people and we wish to have our interest reinstated upon his death. My sister has suggested that he quit claim the title back to us after closing the reverse mortgage. However, I understand that this would put us in the position to be liable for property taxes.

Two questions - can we file the quit claim after our step fathers death and have a valid claim subject only to mortgage?

Would his direct descendents have a claim to the property upon death should the quit claim be executed for the entire interest in the house? (this is his desire as repayment for this favor and support we have given since my mothers death).

BTW, State of Louisiana

Many thanks in advance.

jenkin7 · Posted: Thu Mar 19, 2009 12:39 am Post subject:

Hi krobertson,

It's nice of you to have agreed to sign over your interest in the property to your step father so he can reverse the mortgage. If you want to make sure that your step fathers kids do not get a share in this property I think,after closing the reverse mortgage, he should be asked to prepare a will stating who he wants to inherit this property. This I think would be a very good option for you to reinstate your interest in the property after his death.

However, he can also quitclaim the property to you while retaining a life estate for himself and get it notarized to make it valid. After this, you can record the deed at a time suitable for you, but it is better not to delay recording the deed by too many months/years.

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