Is a Quitclaim Deed a good way to add another person to my property?
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Is a Quitclaim Deed a good way to add another person to my property?
I am thinking about adding my daughter to my deed. I would like to know some of the pros and cons of doing this. Specifically what happens when I die or if I get married.
Asked on September 21, 2010 under Real Estate Law, Minnesota
Answers:
S.J.H., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
The answer to this questions depends on several factors. One is what your intention is for putting your daughter on the house. Once you put her on the house she becomes an owner of the house. That means you cannot sell or even rent out the house without her permission. If you intention is to start some estate planning and you plan on hleaving her the house anyway, then it is a good idea to put her on now to at least partially start to shield the house from Medicare in the event you go to a nursing home. As to when you die, this depends on how the ownership is given. If the deed makes you and your daughter joint tenants with rights of survivorship then if one dies the other gets the house. If you make each other tenants in common then each of you owns 50% and if you pass your share will go according to your will or by intestate (without a will) laws of your state. Remarraige has no effect to the deed per say except for any spousal rights she may get under your estate law or marital law in the event of a divorce where your 50% share may be in play.
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