Dear Juris Doctor;
I have heard that I can execute a deed to add my children as co-owners. Is there a form I can use?
Thank you, Anna from Canterbury
Dear Anna;
There are different types of deeds for different circumstances. In Florida most arms length transactions utilize a warranty deed. When ownership is transferred between related parties a quit claim deed may be appropriate. Two or more parties may hold title as joint tenants with right of survivorship, tenants in common or tenants by the entirety. Lady Bird Johnson, the former First Lady, utilized a quit claim deed which is commonly referred to as a “Lady Bird Deed.” A Lady Bird Deed may be recommended if a parent wants to provide for a child to receive the property upon the death of the parent but the parent retains the right to sell or transfer the property without the signature of the child. The Lady Bird Deed avoids the time and expense of the probate of a Last Will and Testament when the parent dies. A revocable trust may be a better alternative than the Lady Bird Deed when making the decision of how the parent desires to retain control until the parent’s death. I recommend you consult an attorney who will review your situation and advise you so that you may make an informed decision. Please note that if there is a mortgage on the property, the lender generally must approve a transfer adding a child before the deed is executed and recorded.
Sincerely, J.D.
If you have a legal question in the area of real estate, foreclosures, short sales, mortgage modifications, estate planning, wills, trusts or probate, please submit it to this newspaper at james@jcclaw.com.