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  1. #1
    Join Date
    Jun 2019
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    5

    Default Home Ownership

    My question involves real estate located in the State of: CA
    What procedure does my husband and I need to follow in order to give our daughter and grandson the right to ownership of our house when we die ?

  2. #2
    Join Date
    Sep 2010
    Posts
    19,140

    Default Re: Home Ownership

    There are a number of ways to accomplish this. What you absolutely DO NOT want to do is put them on the deed now.

    There are a number of questions that need to be asked before we can go further.
    How old are the daughter and grandson?
    Is there a husband (or father of the grandson) in the story?
    Is there a mortgage now?
    Do you have other assets that you wish them to have as well as the house?

  3. #3
    Join Date
    Jun 2019
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    5

    Default Re: Home Ownership

    Both are of legal age,no husband involved, yes there's mortgage, no other assets.

  4. #4
    Join Date
    Sep 2010
    Posts
    19,140

    Default Re: Home Ownership

    In California, you can execute a revocable transfer on death deed. This will transfer the property to the beneficiaries listed automatically on your death. The property will still be subject to any encumbrances (mortgages, liens, unpaid taxes), etc... You can cancel it at any time. The problem is you need to keep on top of things and make sure you transfer

    If you want something a little more automatic, you have two choices. You can either deed the property into a living trust now and have the trust document explain what should happen in the envisioned cases one or both of the heirs dying before you do. You can do a similar thing with a will (which doesn't involve changing the current deeding now). The problem with the latter is that probate will need to be opened (I'm envisioning that the property is more than the $150,000 small estate limit).

    California has no estate or inheritance tax, so you don't have to worry about that. Federal estate tax thresholds are sufficiently high (over $10MM) that most people don't have to worry about those either.

    You'd probably be well advised to speak to an attorney (one who handles estate planning) and have him draft whatever instrument you chose. It's not going to be a lot of money in the grand scheme of thigns, and you don't want to leave a nightmare to your heirs by screwing this up (I've seen such happen).

  5. #5
    Join Date
    Jul 2018
    Posts
    1,522

    Default Re: Home Ownership

    Quote Quoting mamami
    View Post
    My question involves real estate located in the State of: CA
    What procedure does my husband and I need to follow in order to give our daughter and grandson the right to ownership of our house when we die ?
    There are any number of ways to accomplish this, and you should consult with a local estate planning attorney to discuss which might be best for you. You should also consider that giving ownership to two persons might not be the smartest thing to do.

  6. #6
    Join Date
    Nov 2013
    Posts
    6,326

    Default Re: Home Ownership

    Quote Quoting pg1067
    View Post
    You should also consider that giving ownership to two persons might not be the smartest thing to do.
    Very sound advice.

  7. #7
    Join Date
    Jun 2019
    Posts
    5

    Default Re: Home Ownership

    Thank you all.

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