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Revocable Living Trust Preferred over Transfer Deeds

By Christopher Combs | March 19, 2019

Question:  At the time my husband died five years ago we jointly owned our home in Arizona, plus a rental home in California and 160 acres of land in Montana.  I then became the sole owner of these three properties. I am not in good health now, and I have drafted deeds to these properties to be delivered to my two sons.  My sister says that I should not sign and give these deeds to my two sons, but that I should transfer the three properties to my two sons in a will.  Do you have any suggestions? Answer:  If you deed these three properties to your two sons now, there will probably be be some significant tax owed when your two sons sell the three properties.  A better course of action would be to transfer these three properties into a revocable living trust with your two sons as beneficiaries.  The trustee…

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It’s Best to Exchange Deed, Money at Same Time

By Christopher Combs | March 13, 2019

Question:  Ten years ago, I bought a home with my boyfriend in Sunnyslope.  We broke up three years later, and he moved to Colorado to be a ski instructor.  At that time I paid him $15,000 for his interest in the home, and he promised that he would give me a deed to the home.  Just like all of his other promises, I never got a deed.  Last week his mother said that he died in a car accident.  Although I do not want to sell the home now, will I have a problem selling the home in the future? Answer:  Yes.  When a couple, married or not, sever their relationship and an agreement is reached with one party to remain in the home, much time and money can be saved if there is a simultaneous exchange of the deed to the home and the payment for the home.  When…

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