When a person has no children, often times he or she wishes to provide a home or the content of their estate to a brother or sister.
But what is the best way to handle such a designation?
Typically, there are two ways you can handle a desire to add your brother or sister’s name to the deed to your home.
A Last Will & Testament could be used to initiate a probate court proceeding when you die, to transfer the house to the sibling\’s name only after death. However, to do so, a probate estate must be opened and the estate administered through the Court so that all assets are transferred per the terms of a Will. (Details on Standard Legal’s Last Will and Testament legal forms software here.)
To avoid probate court, you can transfer the ownership of a house NOW into the name of you and your brother or sister using the Standard Legal’s Warranty Deed with Right of Survivorship (a part of Standard Legal’s Quitclaim Deed legal forms software title). Using this type of deed will give each of you (both you and your brother/sister) an undivided one-half ownership interest in the home upon the execution and signing of the document, and upon your death the property will be owned solely by your brother/sister.
The choice is about making the required change to your home’s deed now, or waiting until after your death.