Read about a common scenario when one parent on title passes away.
It seems like time is speeding up. Even younger people remark at how fast time is going. However, you view this, it does seem that the years are sweeping past at a fast rate. We recently had several situations with clients whereby their elderly parents appeared to age rapidly and their health decline quickly. You or someone you know may be experiencing this situation with parents. It is important to recognize that now is the time to act to protect their home from potential probate issues. The following scenario is relevant to the State of Nevada and may apply in other states. You should consult legal counsel regarding probate matters.
In this situation, one parent had previously passed away. The surviving parent was resistant to adding any of the children on title to the property. One of the children approached us asking for options in this regard. We suggested to have a deed created whereby the surviving parent would add one or more of the children on title with them. This deed could carried with our client so that at any time, the surviving parent could sign it, and have it notarized.
Shortly after we suggested this option to our client, the parent was admitted to the hospital. This happened within days after the family had learned of the death of a distant relative. The surviving parent was now willing to take the advice of a relative close to their own age. This relative stressed the financial burden that could befall the surviving children if they had to deal with probate issues.
We were called to urgently create the deed and come to the hospital with a mobile notary. The parent was now willing to sign the deed and spare the children a potential emotional and financial hardship. In Nevada, the deed can be recorded before or after the death of the parent and still avoid some potential probate pitfalls.
In summary, it is wise to take measures now because time stands still for no one. Loss of control is a significant issue when it comes to parents adding children to a deed for their property. They may also fear that they may be removed from their home. Having the deed created and available, in advance, allows you to be prepared at the moment something triggers a parent to agree to add children to that deed.
Quick Claim USA is a concierge service whereby we offer a complimentary phone consultation to see if we can assist you and offer solutions to your particular circumstances. You can reach us at 702.233.4014 or email us your scenario at Deed@QuickClaimUSA.com.
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