Should you add a family members name to the deed to your home?
Alice: I have one surviving family member, to put her on a deed now or to write a survivorship?
Attorney Tom Olsen: Absolutely, positively, no, Alice. If you're the only one living there, you want to keep that deed in your name only. Alice, if you're looking for a tool to avoid probate, we have a great tool for avoiding probate, it's called a lady bird deed. It's a tool to avoid probate.
Attorney Chris Merrill: Deed, Alice, the lady bird.
Alice: Is that better than having her on the deed?
Chris: Yes, Alice. You would not want to add any person to your deed while you are alive. The best is to do a special type of deed, a lady bird deed, where the legal language in that deed says that it only goes to her upon your death. That is what is best for her and for you. Because even for her, what would happen is, down the road if you were to pass away, and she goes to sell it, she would now have to pay capital gains because of your basis.
The benefit to you and to her is to do the lady bird deed and not just add her with an ordinary warranty deed.
Alice: Okay, that's wonderful to know, and I have not heard of the lady bird, so thank you.
Chris: You are welcome, Alice, and we're happy to, if you contact our office right now at 407-423-5561. Alice, you can talk to attorney Robert Heidach, and he's happy to mail you our free booklet on the lady bird deed. That will give you more information, and then we can answer other questions, but for all listeners out there and Alice, including you, the lady bird deed is a great tool. This is the way to go to avoid probate, and it's in the best interest for you and the people you want to leave it to.
We have a free booklet and that free booklet you can get by calling attorney Robert Heidach right now at 407-423-5561. All you have to do is give Robert your first and last name and your mailing address, and he will get that booklet out to you. We love to be able to educate people about this great tool that we have available to help you, our listeners to avoid probate on your home and make it simple for your loved ones.
Tom: Great, Chris, we appreciate it. I'm so glad that Alice called us because if Alice had gone through with that plan, it would have been a huge mistake. We have a much better plan for you, Alice, that's much better for you and for the other heir that you're speaking
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