To avoid inheritance and estate taxes, many parents are opting to transfer their assets to their children while they are still living rather than bequeath the home through a will. Signing your house over to your children is relatively easy through a quitclaim deed. A quitclaim deed conveys whatever interest someone has in a property to someone else.
- Skill level:
- Moderately Easy
Obtain a quitclaim deed form. These forms can be purchased from legal document websites. Alternatively, you can hire an attorney to prepare a quitclaim deed for you. You will need the legal description of the property for the quitclaim deed. This can be found on the original deed or your mortgage. Otherwise, you can call the county clerk or title recorder's office in your area for the description.
Complete and sign the quitclaim deed in front of a notary so it can be notarised. Please note that if you and your spouse own the house jointly, you will both need to sign the quitclaim deed.
File the notarised quitclaim deed with the title recorder's office or county clerk in your area. There may be a small administrative or processing fee for filing the quitclaim deed.
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