Tag: Avoiding Probate
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Using a Quitclaim Deed: What Are the Drawbacks?
A quitclaim deed is a simple form that transfers a piece of real estate from one person to another. Any homeowner can fill out a quitclaim deed with their name and the name of the recipient, and the property’s existing legal description, sign it in front of a notary and record the document. That effectively…
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Should a House Be in an Irrevocable Trust?
A home can go into an irrevocable trust. But giving up control over a primary residence is not something most owners want to do. The owner lets go of the “incidents of ownership” and the house goes under a separate tax ID, with taxes filed by a trustee. The owner might continue living in the…
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Is It Time to Place Your Home in a Living Trust?
With a revocable (living) trust, you can assume the role of trustee, and stay in control of your real estate during your lifetime. After you pass away, your living trust becomes a substitute for probate. This is especially helpful if your estate would otherwise face multiple probate processes because you have real estate in several…
