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Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 42892
Experience:  30 years in civil, probate, real estate, elder law
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Home owner - would like to put child or children on

Customer Question

Home owner - would like to put child or children on mortgage, as a way of securing home for them should something happen, QUIT-DEED, is the way I would like to go. Should I expire, and the house that is now in my deceased husband and my name, will this quit-deed hold up for them if the payments are paid on time every month as usual. Will the mortgage company be able to take the home from them.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Alabama
JA: Has anything been filed or reported?
Customer: I have not filed the Quit-Deed claim yet, I first called a family meeting, informing them I would like to receive $50.00 from each (7) adults, to secure a home for them in case something should happen and had them sign the form.
JA: Anything else you want the lawyer to know before I connect you?
Customer: I recently became eligible for the RAMP program under my mortgage company, and have been on it since February 2017. The mortgage company said that if I had any changes done on property, they were entitle to have a copy before the changes were done.
Submitted: 4 months ago.
Category: Legal
Expert:  Ray replied 4 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  Ray replied 4 months ago.

Here if you have a mortgage a quit claim will not work because fo something called a due on sale clause.If you transfer the title they can call the note due here.So your best option is simply to do a will here giving the 7 the property upon your demise.They are able to open probate transfer title and any note as well is also transferable at that point.

Will for you

LAST WILL AND TESTAMENT OF

_______________________________________
[Name of Testator]

I, _______________________________________ [Name of Testator], a resident of ___________________, Alabama, being of sound and disposing mind and memory and over the age of eighteen (18) years or lawfully married or having been lawfully married or a member of the armed forces of the United States or a member of an auxiliary of the armed forces of the United States or a member of the maritime service of the United States, and not being actuated by any duress, menace, fraud, mistake, or undue influence, do make, publish, and declare this to be my last Will, hereby expressly revoking all Wills and Codicils previously made by me.

I. MARRIAGE AND CHILDREN

I am married to _______________________________________, and all references in this Will to my _________________ [husband or wife] are references to _________________ [him or her]. I have the following children:

Name: ____________________________________ Date of Birth: __________________
Name: ____________________________________ Date of Birth: __________________
Name: ____________________________________ Date of Birth: __________________
Name: ____________________________________ Date of Birth: __________________

II. EXECUTOR: I appoint ____________________________________ as Executor of this my Last Will and Testament and provide if this Executor is unable or unwilling to serve then I appoint ____________________________________ as alternate Executor. My Executor shall be authorized to carry out all provisions of this Will and pay my just debts, obligations and funeral expenses.

III. SIMULTANEOUS DEATH OF SPOUSE: In the event that my _________________ [wife or husband] shall die simultaneously with me or there is no direct evidence to establish that my _________________ [wife or husband] and I died other than simultaneously, I direct that I shall be deemed to have survived my _________________ [wife or husband], notwithstanding any provision of law to the contrary, and that the provisions of my Will shall be construed on such presumption.

IV. SIMULTANEOUS DEATH OF BENEFICIARY: If any beneficiary of this Will, including any beneficiary of any trust established by this Will, other than my _________________ [wife or husband], shall die within 30 days of my death or prior to the distribution of my estate, I hereby declare that I shall be deemed to have survived such person.

V. BEQUESTS:

I will, give, and bequeath unto the persons named below, if he or she survives me, the Property described below:

Name: _____________________________________
Address: ___________________________________
Relationship: ________________________________
Property: ___________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

Name: _____________________________________
Address: ___________________________________
Relationship: ________________________________
Property: ___________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

Name: _____________________________________
Address: ___________________________________
Relationship: ________________________________
Property: ___________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

Name: _____________________________________
Address: ___________________________________
Relationship: ________________________________
Property: ___________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

If a named beneficiary to this Will predeceases me, the bequest to such person shall lapse, and the property shall pass under the other provisions of this Will. If I do not possess or own any property listed above on the date of my death, the bequest of that property shall lapse.

VI. ALL REMAINING PROPERTY; RESIDUARY CLAUSE: I give, devise, and bequeath all of the rest, residue, and remainder of my estate, of whatever kind and character, and wherever located, to my _________________ [wife or husband], provided that my _________________ [wife or husband] survives me. I make no provision for my children, knowing that, as their parent, my _________________ [wife or husband] will continue to be mindful of their needs and requirements. If my _________________ [wife or husband] does not survive me, then I give, devise, and bequeath all of the rest, residue, and remainder of my estate, of whatever kind and character, and wherever located, to my children per share, but if any child predeceases me, then his or her share will pass, per share, to his or her lineal descendants, natural or adopted, if any, who survive me; but if there are none, then his or her share will lapse and pass equally as part of the shares of my other named children; but if none of my named children survives me or leaves a lineal descendant who survives me, then according to the order of intestate succession in the State of Alabama.

VII. ADDITIONAL POWERS OF THE EXECUTOR: My Executor shall have the following additional powers with respect to my estate, to be exercised from time to time at my Executor's discretion without further license or order of any court.
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

VIII. WAIVER OF BOND, INVENTORY, ACCOUNTING, REPORTING AND APPROVAL: My Executor and alternate Executor shall serve without any bond, and I hereby waive the necessity of preparing or filing any inventory, accounting, appraisal, reporting, approvals or final appraisement of my estate. I direct that no expert appraisal be made of my estate unless required by law.

IX. OPTIONAL PROVISIONS: I have placed my initials next to the provisions below that I adopt as part of this Will. Any unmarked provision is not adopted by me and is not a part of this Will.

________ If any beneficiary to this Will is indebted to me at the time of my death, and the beneficiary evidences this debt by a valid Promissory Note payable to me, then such person's portion of my estate shall be diminished by the amount of such debt.

________ Any and all debts of my estate shall first be paid from my residuary estate. Any debts on any real property bequeathed in this Will shall be assumed by the person to receive such real property and not paid by my Executor.

________ I direct that my remains be cremated and that the ashes be disposed of according to the wishes of my Executor.

________ I direct that my remains be cremated and that the ashes be disposed of in the following manner:
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________

________ I desire to be buried in the _____________________________ cemetery in __________________ County, Alabama.

X. CONSTRUCTION: The term "testator" as used in this Will is deemed to include me as Testator or Testatrix. The pronouns used in this Will shall include, where appropriate, either gender or both, singular and plural.

XI. SEVERABILITY AND SURVIVAL: If any part of this Will is declared invalid, illegal, or inoperative for any reason, it is my intent that the remaining parts shall be effective and fully operative, and that any Court so interpreting this Will and any provision in it construe in favor of survival.

IN WITNESS WHEREOF, I, _______________________________________ [Name of Testator], hereby set my hand to this last Will, on each page of which I have placed my initials, on this ________ day of ____________________, 20______ at _____________________________________________________________, State of Alabama.

_______________________________________ [Signature]
_______________________________________ [Printed or typed name of Testator]
_______________________________________ [Address of Testator, Line 1]
_______________________________________ [Address of Testator, Line 2]

WITNESSES

The foregoing instrument, consisting of ________ pages, including this page, was signed in our presence by _______________________________________ [name of Testator] and declared by _________________ [him or her] to be _________________ [his or her] last Will. We, at the request and in the presence of _________________ [him or her] and in the presence of each other, have subscribed our names below as witnesses. We declare that we are of sound mind and of the proper age to witness a will, that to the best of our knowledge the testator is of the age of majority, or is otherwise legally competent to make a will, and appears of sound mind and under no undue influence or constraint. Under penalty of perjury, we declare these statements are true and correct on this ________ day of ____________________, 20______ at _____________________________________________________________, State of Alabama.

_______________________________________ [Signature of Witness #1]
_______________________________________ [Printed or typed name of Witness #1]
_______________________________________ [Address of Witness #1, Line 1]
_______________________________________ [Address of Witness #1, Line 2]

_______________________________________ [Signature of Witness #2]
_______________________________________ [Printed or typed name of Witness #2]
_______________________________________ [Address of Witness #2, Line 1]
_______________________________________ [Address of Witness #2, Line 2]

_______________________________________ [Signature of Witness #3]
_______________________________________ [Printed or typed name of Witness #3]
_______________________________________ [Address of Witness #3, Line 1]
_______________________________________ [Address of Witness #3, Line 2]

SELF-PROVING AFFIDAVIT

State of Alabama
County of ________________

We, ___________________________________________________________________, ___________________________________________________________________, ___________________________________________________________________, and ___________________________________________________________________, the testator and the witnesses respectively, whose names are ***** ***** the attached instrument in those capacities, personally appearing before the undersigned authority and first being duly sworn, do hereby declare to the undersigned authority under penalty of perjury that the testator declared, signed, and executed the instrument as his/her last will; he/she signed it willingly or willingly directed another to sign for him/her; he/she executed it as his/her free and voluntary act for the purposes therein expressed; and each of the witnesses, at the request of the testator, in his or her hearing and presence, and in the presence of each other, signed the will as witness and that to the best of his or her knowledge the testator was at that time eighteen (18) years of age or older, of sound mind and under no constraint or undue influence.

_______________________________________ [Signature of Testator]
_______________________________________ [Printed or typed name of Testator]
_______________________________________ [Address of Testator, Line 1]
_______________________________________ [Address of Testator, Line 2]

_______________________________________ [Signature of Witness #1]
_______________________________________ [Printed or typed name of Witness #1]
_______________________________________ [Address of Witness #1, Line 1]
_______________________________________ [Address of Witness #1, Line 2]

_______________________________________ [Signature of Witness #2]
_______________________________________ [Printed or typed name of Witness #2]
_______________________________________ [Address of Witness #2, Line 1]
_______________________________________ [Address of Witness #2, Line 2]

_______________________________________ [Signature of Witness #3]
_______________________________________ [Printed or typed name of Witness #3]
_______________________________________ [Address of Witness #3, Line 1]
_______________________________________ [Address of Witness #3, Line 2]

Subscribed, sworn, and acknowledged before me, ______________________________________________________, a notary public, by ______________________________________________________, the testator, and by ______________________________________________________, ______________________________________________________, and ______________________________________________________, the witnesses, this ______________ day of ___________________________, 20_____.

[NOTARIAL SEAL]

______________________________________________________
Notary Public's Signature

My Commission Expires: _______________________________

A will here avoids problems with lender and transfers it to your 7 heirs here at your death.It keeps it in your name until then allowing you to refinance or anything else you need here.

I appreciate the chance to help you today.Thanks again.

If you can positive rate 5 stars it is much appreciated.

Expert:  Ray replied 4 months ago.

Reference

A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due (repaid in full) upon sale or transfer of ownership of the property used to secure the note. The lender has the right, but not the obligation, to call the note due in such a circumstance.

Due-on-sale clause - Wikipedia

https://en.wikipedia.org/wiki/Due-on-sale_clause