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  1. #1
    Join Date
    Mar 2007
    Posts
    8

    Default Estate Planning for Co-Owned Property

    My question involves real estate located in the State of: PA / OH

    Hi. Need to start a little research before contacting someone....
    I have an aging family member living in PA who has shares in an old hunting cabin with a few other friends. Our family is wondering how we can get his share written in for one of us in case of his passing. We would like to take over that part of ownership and keep our share of the property in the family. Property and building are not worth much more sentimental than anything.

    Heard something about a quick deed claim at times?
    Something like this need to go through a will?
    Would other members have to be notified ahead of time on this or sign off while he's still living?

    Thanks for any help.

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Passing Down Aging Family Members Ownership

    Is his ownership based on a deed or something else, such as membership in an LLC or simply some informal agreement?

    what can be done will be based on how he holds his rights.
    Btw: it’s quitclaim (or quit claim) deed.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Estate Planning for Co-Owned Property

    What does the aging family member want to do?

  4. #4
    Join Date
    Mar 2007
    Posts
    8

    Default Re: Estate Planning for Co-Owned Property

    he definitely wants to pass it on i just think it was just not discussed at the time of the will creation.

    i believe its on a deed but i will have to find out this week.

    thanks for the clarity on quitclaim. i had heard this term in the pass referring to this small property where one of the owners/"members" had passed away and another member quitclaim to transfer their share to him.

  5. #5
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Estate Planning for Co-Owned Property

    A quitclaim deed is a mechanism used to transfer the grantors rights in real estate. It doesn’t guarantee the grantor actually holds any rights but whatever rights they do have become the rights of the grantee.

    This is opposed to a general warranty deed where the grantor warrants they actually hold clear title to whatever is being transferred.

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