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danstrpds · Joined: 04 Apr 2009 Posts: 2 1.65 Dollars($)

My parents live in the State of Ohio and I am their only child. Since they are 80 years old they have decided that they want to give me their house now which is payed for and worth about $70,000 to make things easier for me when they pass away, so I will have the least amount of expenses and not have to go through Probate court, etc. I was wonderding what they would need to do? A quitclaim deed, a living trust, property transfer or should they sell the house to me for lets say a $1.00? They will however, continue to probably live in the house until they pass away. Thank you

adonis · Posted: Sat Apr 04, 2009 10:24 pm Post subject:

Hi danstrpds,

Your parents can use a quitclaim deed in order to transfer the property in your name. While drafting the quitclaim deed, they can include a life estate clause. This will give them legal rights to stay in the property until death. Once they are deceased, the life estate clause will become null and void.

danstrpds · Joined: 04 Apr 2009 Posts: 2 1.65 Dollars($)

Hello adonis - I really appreciate the information that you gave me to the question that I had. This really helps us out in knowing what we need to do now. I will get on it right away! I was planning on using legalzoom.

adonis · Posted: Mon Apr 06, 2009 10:12 pm Post subject:

Hi danstrpds,

Thanks a lot Smile

It's really good to hear that I was of some help to you. If you have further queries regarding mortgage and related issues, feel free to post in the forum. The experts as well as common people participating in forums would try to help you with their opinion.

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Quitclaim Deed, Living Trust, Property Inquiry State of Ohio