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I want to give my grandaughter my home but still live in it,

I want to give...

I want to give my grandaughter my home but still live in it, what document do i need

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

None

Lawyer's Assistant: Where is the home located?

Tn

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Answered in 5 minutes by:
3/14/2018
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,024
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Good afternoon. What you would need to do is sign a quit claim deed and reserve a life estate which will entitle you to live in the house while you are alive and which terminates automatically upon your death. The deed would need to be signed by you as grantor, witnessed and notarized, and then recorded in the real property records of the city/county in which the property is located. That's it. :)

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Customer reply replied 4 months ago
Im afaid im going into nursing home and she has helped me so much and want her to have it

You would do this by quit claim deed. There is no need to reserve a life estate if you don't plan to remain living in it. Let me know if you need a template for a quit claim deed.

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Customer reply replied 4 months ago
i dont kno that im going to nursing home, just scared i may and they said they can still take if it hasnt been 5 or 7 yrs in grandaughters name

That is true....there is a 5 year lookback. But, retaining a life estate won't cause a problem for you if you give her the property subject only to the life estate and 5 years elapse.

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Customer reply replied 4 months ago
i give it to her and have to go in nursing home 3 years from now, she'll have to lose it

Anything that you transfer within 5 years of needing government assitance impact your eligibility for benefits. So, if you needed government assistance in 3 years, it could be recouped by the government.

This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you otherwise, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!

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Customer reply replied 4 months ago
no no, i appreciate your help. just trying to cover bases. thank you, ***** ***** good day

You're very welcome! ! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,024
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Verified
Richard and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 4 months ago
I will give you the best,

Thank you so much for the 5-star rating! I know rating takes an additional step and I truly appreciate you taking the extra time!

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