How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Richard Your Own Question

Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 47065
Experience:  29 years of experience practicing law, including tax and estate planning.
17027240
Type Your Estate Law Question Here...
Richard is online now
A new question is answered every 9 seconds

We currently have a residential property that is held in my name, my sisters name an

Customer Question

We currently have a residential property that is held in my name, my sister's name and my mother's name. Could/should we change title to a trust? Should it be a Revocable Trust? We are concerned about issues that may arise upon our mothers passing. She has a Revocable trust that addresses her assests and leaves them to us as beneficiaries. Can title to the property be held by that trust?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.


Good afternoon. You don't need to worry about the ownership of the property already owned by you and your sister. With regard to your mother's ownership in the property, if you want to avoid probate, you would want to transfer it to the revocable trust now; otherwise, if her interest is not owned by her trust at death, then the trust agreement is not applicable and her interest in the property would become a probate asset and her will would govern. Another alternative would be to change your ownership in the property to joint tenants with right of survivorship so that upon her death, her interest automatically vests in you and your sister outside probate and outside the terms of the trust.



Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!

Customer: replied 1 year ago.


Currently the property is held as Joint Tenants (Tenants in Common). It sounds like the simplest solution would be to amend the warranty deed to Joint Tenants w/Right of survivorship. If we choose to transfer it to the revocable trust would the process be the same with the recorders office?


 


If we changed it to the Trust, I assume we would use the exemption code B8 (ARS 11-1134) which states: "A transfer from a person to a trustee or from a trustee to a trust beneficiary with only noniminal consideration for the transfer." Is that correct?


 


If we change to Joint Tenants with right of survivorship, should we use the B11 exemption code which states: "A transfer from two or more persons to themselves to create an estate in joint tenancy with right of survivorship."?


 


When transferring to all three names, we used the exemption code (ARS11-1134) as B-3 which states: "A transfer of residential property between family members as described below (defination of family member) with only moninal actual consideration for the transfer."


 


I think it is pretty simple, but I want to be sure I am doing this correctly. Thank you and I look forward to your response.


 

Expert:  Richard replied 1 year ago.
Thanks for following up. I have responded to each of your questions below in capitalized text...


Currently the property is held as Joint Tenants (Tenants in Common). It sounds like the simplest solution would be to amend the warranty deed to Joint Tenants w/Right of survivorship. If we choose to transfer it to the revocable trust would the process be the same with the recorders office? YES, BUT YOU WOULD DO THIS BY QUIT CLAIM DEED RATHER THAN WARRANTY DEED.



If we changed it to the Trust, I assume we would use the exemption code B8 (ARS 11-1134) which states: "A transfer from a person to a trustee or from a trustee to a trust beneficiary with only noniminal consideration for the transfer." Is that correct? YES, THAT HIS CORRECT.



If we change to Joint Tenants with right of survivorship, should we use the B11 exemption code which states: "A transfer from two or more persons to themselves to create an estate in joint tenancy with right of survivorship."? YES, THAT IS CORRECT



When transferring to all three names, we used the exemption code (ARS11-1134) as B-3 which states: "A transfer of residential property between family members as described below (defination of family member) with only moninal actual consideration for the transfer." THAT WAS CORRECT!
Richard, Attorney
Category: Estate Law
Satisfied Customers: 47065
Experience: 29 years of experience practicing law, including tax and estate planning.
Richard and other Estate Law Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!
Expert:  Richard replied 1 year ago.
Thank you also for the generous bonus! I appreciate your kindness!

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns. Loretta T Illinois
< Last | Next >
  • My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns. Loretta T Illinois
  • Thanks Adam!! - A very direct and understandable response - you have been a great help! Happy Customer Ellicott City, MD
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
 
 
 

Meet The Experts:

 
 
 
  • Thomas McJD

    Attorney

    Satisfied Customers:

    3076
    Wills, Trusts, Probate & other Estate Matters
< Last | Next >
  • http://ww2.justanswer.com/uploads/MC/mclemorelawyer/2011-9-21_193631_IMGP8718Version2.64x64.jpg Thomas McJD's Avatar

    Thomas McJD

    Attorney

    Satisfied Customers:

    3076
    Wills, Trusts, Probate & other Estate Matters
  • http://ww2.justanswer.com/uploads/NY/nyclawyer/2012-6-7_22011_photo66139201112041.64x64.jpg Infolawyer's Avatar

    Infolawyer

    Attorney

    Satisfied Customers:

    3781
    Licensed attorney helping individuals and businesses.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Attorney

    Satisfied Customers:

    2188
    13 yrs estate law, real estate. Wills/Trusts/Probate
  • http://ww2.justanswer.com/uploads/RA/rayanswers/2012-6-7_23346_Untitled1.64x64.jpg RayAnswers's Avatar

    RayAnswers

    Attorney

    Satisfied Customers:

    1484
    Texas lawyer for 29 years in Estate law
  • http://ww2.justanswer.com/uploads/RO/RobertJDFL/2012-6-6_175352_7538220120606.64x64.jpg RobertJDFL's Avatar

    RobertJDFL

    Attorney

    Satisfied Customers:

    1226
    Experienced in multiple areas of the law.
  • http://ww2.justanswer.com/uploads/PH/philip.simmons/2012-6-7_161915_BIGPhilipSimmons.64x64.jpg P. Simmons's Avatar

    P. Simmons

    Attorney

    Satisfied Customers:

    770
    12+ yrs. of experience including estate law.
  • http://ww2.justanswer.com/uploads/RA/ratioscripta/2012-6-13_2955_foto3.64x64.jpg Ely's Avatar

    Ely

    Counselor at Law

    Satisfied Customers:

    754
    Fully licensed attorney in Texas in private practice.
 
 
 
Chat Now With An Estate Lawyer
Richard
Richard
Owner
5358 Satisfied Customers
29 years of experience practicing law, including tax and estate planning.