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Survivorship and Over 65

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xannbrown Joined: 16 Dec 2009 Posts: 1 1.39 Dollars($)	Posted: Wed Dec 16, 2009 6:42 am    Post subject: Survivorship and Over 65 Like 0 Dislike 0 Current conditions: Property is in Texas and I have a homestead exemption. Name of owners on warranty deed: myself and ex-spouse. Property was granted to me in divorce decree. Ex-spouse signed Quit Claim Deed and I recorded it. I have remarried. Current spouse is over 65. What I want to do: I wish to change ownership from myself to myself and current spouse to make the property community property and claim the over 65 tax exemption. I wish to include some text that makes the surviving spouse the sole owner should one of us die. I’ve been told to use a Quit Claim Deed to do this. But I don’t free a Quit Claim Deed is the proper tool. How is this accomplished with a Special Warranty Deed in Texas?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Dec 16, 2009 11:24 pm    Post subject: Like 0 Dislike 0 Hi xannbrown, You can use a quit claim deed to add your spouse's name on the property deed. A joint tenancy with right to survivorship will help your surviving spouse to be the sole owner of the property upon your death. You can contact a real estate attorney and he will help you in drafting the deed. _________________ Procrastination is the enemy of your financial success
sandykrames Guest	Posted: Thu Dec 17, 2009 9:09 am    Post subject: Survivorship and Over 65 Like 0 Dislike 0 A Quit Claim Deed is not the proper vehicle for this problem. Use a Special Warranty Deed in Texas. A notice as described in Sec. 4.205 (b). Texas Family Code must be included. And the added spouse must acknowledge. The Texas Family Code governs community property in Texas. The mere transfer of a spouse's separate property to the name of the other spouse or to the name of both spouses is not sufficient to convert the property to community property. The general form being: [System detected duplicate content, converted into image. Thanks.] _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant

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