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FAQs / Wills / Trusts / Can Someone Quit Claim His Property To Me Instead Of Leaving It In His Will?

Can Someone Quit Claim His Property To Me Instead Of Leaving It In His Will?

Understanding Quitclaim Deeds

A person can quit claim a piece of real estate, aka real property, to anyone they want during their lifetime, and this strategy would certainly avoid the need for probate associated with that particular asset. The dilemma with transferring real estate to someone during life is that you lose control of the property and often you cannot take back full possession if circumstances in your life change. For example, if you transfer your home into the name of your daughter, you run the risk that you might end up fighting with your daughter and she moves to evict you from the residence. This would be worst-case scenario, but it illustrates the risk of giving up control of your property during life. Other risks of transferring assets beyond your control include running out of money to pay for your living expenses or potentially disqualifying yourself for Medicaid eligibility.

Lady Bird Deeds as an Alternative

Instead of quitclaiming your interest directly to someone else, an alternative strategy involves the use of a “Lady Bird Deed”, which provides the grantor with a life estate in the home, and only upon the grantor’s death does the property pass to a designated remainderman. The Lady Bird Deed allows the grantor to maintain complete control over their property, with the power to undo the deed if necessary, while still avoiding the probate process. An additional benefit of Lady Bird Deeds is that the grantor can also maintain their homestead status, as well as eligibility for Medicaid since the residence would be considered an exempt asset for the application process.

Seek Professional Guidance

It is crucial to consult with an experienced estate planning attorney before making any decisions about transferring property. The right legal guidance can help you understand all your options and the implications of each, ensuring that your assets are protected and your estate planning goals are met.

Contact Us for Expert Advice

For professional advice tailored to your unique situation, contact the Florida Probate Law Firm. Our skilled attorneys are ready to assist you with comprehensive estate planning solutions that safeguard your interests.

Give us a call today at (954) 833-5139 to arrange a free consultation. We are committed to providing expert guidance and support to help you navigate the complexities of estate and property transfer with confidence.

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