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DP
Guest
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 Posted: Thu Aug 13, 2009 8:56 am Post subject: Property Transfer |
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| We live in Oklahoma. My mother had a living trust, with my son and I on the deed. She passed away last year. Without my knowledge, my son had filed Chapter 13 over a year ago. There is a strong possibility that he may be filing for divorce, and the financial picture is uncertain. He is concerned since his name is on my Mom's property. If he signs a Quitclaim deed, will that prevent any issues with that property. There is no liens on the property. |
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 smithsussane
Joined: 18 Sep 2008
Posts: 3737
Location: Alaska
561.26 Dollars($)
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| Posted: Thu Aug 13, 2009 10:50 pm Post subject: |
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Hi DP!
Welcome to forums!
If your son's creditors come to know that he had transferred the property to you just to save it from liens, then the lenders may penalize him. In my opinion, he should first consult an attorney and take his opinion before transferring the property to you.
Feel free to ask if you've further queries.
Sussane |
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 599
Location: Houston, TX
98.69 Dollars($)
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| Posted: Tue Aug 18, 2009 2:13 pm Post subject: |
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His name is not on the property. The property is held by the trust. Your son is merely a beneficary in the trust with a benefical interest in the property. His creditors can come after his beneficial interest, but that will not affect title to the property.
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Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
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