What are the steps that I need to take to accomplish putting my daughter’s name on the deed but keeping lifetime rights for myself?
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What are the steps that I need to take to accomplish putting my daughter’s name on the deed but keeping lifetime rights for myself?
I am about to get married. I want to give the house to my daughter but I want to be able to come back to the home so I want lifetime right to the home.
Asked on October 13, 2011 under Real Estate Law, Maryland
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The best way to ensure that your desires are met concerning your home is to consult with a real estate attorney. However, to answer your question, what you do is sign a grant deed before a notary public giving the real property that you want to give to your daughter, but reserving to you a life estate in the property.
You should state that you would be responsible for all upkeep and maintenance on the property so long as you reside in it including property taxes and insurance on the grant deed as well. The grant deed is then recorded with the county recorder's office where the parcel is located.
Given the potential tax ramifications of the transaction you desire, you really should consult with a real estate attoney before you do what you want to do regarding your home.
Good luck.
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