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hello. Hope all is well. My mom would like to add all of her seven children to the property. Is this possible and is their a limit on the ammount of owners on a title. What would you recomend? thank you.

JuanHdez · Posted: Mon Jun 02, 2008 7:32 pm Post subject:

Hi Esther,

That is a very good question. She should be able to add her children to title. However, I would highly recommend to seek the council of an estate planning attorney as inquire about a Trust. A trust will help you avoid probate, which could be very costly and something many people do not consider.

Best o' Luck

J

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Esther,

Welcome to the forum.

Your mother can add her 7 children on the title through a quitclaim deed. But if it is a mortgaged property then your mother need to take confirmation from the lender before adding you on the deed.

Best of luck,
Larry

gmakerley · Posted: Tue Jun 03, 2008 7:35 am Post subject:

juan is fully of nuggets of info - a good response.

i agree; consult with an attorney and consider a trust.

chloejoanna · Joined: 20 May 2008 Posts: 37 16.09 Dollars($)

Yes It is possible though there will be a certain amount of "paper work" involved. As others have said, dont rule out other options.

Posted: Thu Jun 05, 2008 7:40 am Post subject:

I believe you should be able to get a trust for 1-2K. Again probate can run up in the tens of thousands and can be very time consuming. I have a client that because the parents did not have a trust, they ended up being the longest and most expensive probate case in San Diego. I believe it took 8 years or something to finalize the court proceedings and at the end the court proceedings ended up being more that the equity left in the home.

Again

Good Luck

J

JuanHdez · Posted: Thu Jun 05, 2008 7:43 am Post subject:

that was me on the last post, wasn't singed in. The purpose of a trust is to avoid probate and you also may have some additional tax advantages.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

My friends dad just died in pa, she was telling me about the crazy inheritance taxes, does anyone have any suggestions on how to handle this prior to passing away?

cliff3 · Posted: Thu Jun 05, 2008 5:36 pm Post subject:

Grant Deed will probably be a better option especially if you are going to put in a trust.

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