An older relative fears that when they die the gov't will take the house and wants to know what the best way to avoid...

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By Danniboi33


This is an interesting subject. And actually it has an easy answer to it, but lets look at it throughly. Homeownership is something that all people pride themselves in and once they are gone, they want someone to have it.

There are two ways to go about this. The first is through inheritence and the second is through title and right of survivorship. The first cost more, the second cost less.

In the first, you can "will" the house to someone or a group of someones. However, with that, there is also and inheritence tax which can be quiet expensive. And then in this they have to clear probate for that to happen.

The second is the easy way to transfer the title of a home. What you typically have to do is seek out a title company or Real Estate Attorney (whatever the law is in the state that you reside). Once you have found who you are looking for, you then have to get them to do a "Quit Claim" Deed. This can be used to add or remove people from title. Once this has been executed under the "Right of Survivorship" holding of title, then you are prepared for an easier transition upon death.


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