Can I sign my house over to one of my children?
by signing the deed?
I have two children. One bought a house last year. The other child lives with me. I love both of them equally. There is no way that I can take part of it and give it to the one with the house.
It wouldn't be fair to sell my house just to divide things equally and leave one child without a home. My house is paid for and it has been redone inside and out over the years. The child living with me has helped redo a lot of it. He has done my yard work close to twenty years now.
- LandlordLv 710 years agoFavorite Answer
You can, if you have the cash. It will cost you 20% in gift taxes. For 5 years it will still be subject to liens in your name, such as from the state.
If you live equally you would divide evenly, not leave one child with a free home while the other struggles to pay for their own for the next 30 years.
Your judgment is inpaired, you should not be signing anything.
- Anonymous5 years ago
You need to speak to a solicitor about this, as part of your 'Will' planning. It is not as simple as putting it in their names, because if you continue to live in it, you are still getting benefit from it, unless you agree to pay them the full market rent! The other thing to remember is, if you needed to move for any reason, you would not be able to without your children's consent, because, they would have to agree to sell and then buy the next place you wanted to go to. Have you thought, that if you did need to go into care, your home could be let out, and the rents would pay for your care, and whilst you or your family still owned the property it would be holding it's value - and hopefully over a few years rising in price as well as the rents going up. Do think carefully, before you make any decisions, as the rules about paying for care and inheritance taxes do change, and what might have been ok yesterday, might not be right for tomorrow.
- loanmasteroneLv 710 years ago
You may sign your house over to anyone you would wish. This might not be the best method in going about accomplishing what you would want.
Consider a Revocable Living Trust(Trust). It is a form of financial planning that would allow the property to remain in your name for as long as you live. You would assign a person to carry out your wishes and place this person's name in your trust.
You would be in complete control of the house until something happen to you. If you are mentally or physically unable to make decision then the person you designated would be able to make decisions on your behalf.
The other feature that make this trust attractive is your property would not have to go through probate. Thus saving attorney and court cost.
You might also include other financial assets in your trust and the disposition of them.
You might also place a procession in your trust in the event something would happen to your son you would want to leave the house. Your other son or grandchildren might be next in line or
whomever you would want.
Any good estate planner or attorney that handle family trust would be able to assist you in the best possible trust you might form for your protection.
I hope this has been of some benefit to you, good luck.