View Full Version : Adding names to deed for real estate
04-09-2007, 05:10 PM
My husband's mom is almost 90. She is experiencing memory loss. We are checking about putting her sons' names on her real estate. This is because of things she is starting to do, like sign her name where she should not, etc. Do any of you have experience with this. They are afraid she would sign over her property and not intend to. Is it best to get their names added to the real estate? Thanks for any information or experience with this.
04-09-2007, 05:44 PM
It probably is a good idea. Does she have anything in place now such as Power of Attorney? That may be a good idea to set up as well, in case she is unable to make decisions. I would contact an attorney to advise. It's definitely scary- you don't want to see her put herself into a bad situation. There are so many people out there looking to scam these days, and sadly seniors are often targeted.
04-09-2007, 06:48 PM
I had my grandmother interdicted in 02. She was taken advantage of by several ppl who were taking advantage of the fact that she was losing her memory. There are many good reasons why you should start working on things now from taxes to protecting her interests and the estate. After my grandmother was interdicted we found she was paying an attorney 40K a year to basically get her mail. If you have any questions I can try to help with some tips on mental health. I'm not sure how the laws vary from state to state but I can tell you some signs to look for but it seems that you are already noticing some difficulty. You have to remember that you are doing it to protect her too.
04-10-2007, 08:21 AM
I would definately recommend getting someone else's name on the deed, on her checking and savings accounts, taking as many credit cards away as possible (or at least get lower limits on what she can charge), and getting a Power of Attorney (very important - especially in medical decisions). It's sad how people will take advantage of our elderly especially when the dementia starts to set in and they are able to take care of themselves but not protect themselves against scams. Contact an attorney ASAP and get the ball rolling to get her protected!
I would contact an attorney to advise.I don't believe there is any better advice than this.
After my grandmother was interdicted we found she was paying an attorney 40K a year to basically get her mail.OK, maybe I'm wrong. :blush:
Mom to a Princess and a Prince
04-10-2007, 09:51 AM
A better idea would be to put the property in the name of a revocable trust with a trustee should she become incapacitated. Adding her sons' names to the property could have large tax repercussions. Definitely consult with a real estate attorney before doing the quit claim deed!
04-11-2007, 06:54 AM
My DH did this recently with his father, I will ask him about it:mickey:
04-13-2007, 07:40 AM
You would need her permission to add anyone to her deed and as someone said, there could be serious tax repercussions.
Find a good general practice or elderlaw attorney and ask lots of questions.
04-13-2007, 10:46 AM
When my Mom's health started failing (COPD and emphysema) she was still sharp enough to do her own negotiating. She had everything put into a living trust. She worked with her family lawyer, a bank trust officer, and independent financial counselor that she trusted to do this and keep everything on the up-and-up and to her advantage.
When her illnesses got the better of her and she couldn't manage her own affairs, we just had all of her bills and checks sent to the trust officer (well, his secretary) and they took care of everything. Once a month, they would generate a report that my brother and I and Mom's attorney would receive and approve. It worked for us.
After she passed away, the bank and independent counselor were named co-executors, and they've taken care of everything. My brother and I were glad of that, because closing an estate, even a simple one, looks extremely complicated and we would probably screw it up due to sheer ignorance.
First step, check with a lawyer. Some of them specialize in estate planning and wealth management, so if your family lawyer doesn't do this kind of work, maybe s/he can refer you to someone who does. Also, your local bar association ought to have a referral service.
Good luck. PM me with questions if you like.
04-13-2007, 11:14 AM
Very good advice, Stitchfan.
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