New Year’s Resolution Series (Part Four): Deeds
Today marks the fourth stop on our New Year’s estate planning tour. Let's take a look at the importance of reviewing deeds as part of your New Year's resolutions this year.
Deeds are legal documents that officially transfer real property from a seller to a buyer. In this case, “real property” includes real estate or land. Most people spend years saving up to buy a home and own their own property. Throughout their lives, they work hard to maintain its value and pass it down to future generations. Now they want to ensure their children will easily be able to inherit property without complications.
There are three types of interest in property in Maryland: joint tenancy with right of survivorship, tenancy by the entirety, and tenancy in common. During the estate planning process, it’s important to understand your deed and how your property is titled. Our lawyers at Atkinson Law will guide you through the process and help you transfer your property legally. Here are a few other questions about deeds that our clients ask:
Deeds: Key Questions Answered
Will My Family Automatically Inherit My Property After My Death?
Not necessarily. Without estate planning measures, your home’s title will stay in your name until the probate process is complete. Maryland intestate laws then decide who inherits the property. Even if someone in your family, such as a child, stays in the home and makes mortgage payments, they may not end up owning the home. This is why it’s so important to work with a lawyer and establish a thorough estate plan. A lawyer can also answer any questions you have about your deed and transferring property.
Should I Add My Child’s Name to My Deed?
Adding your child’s name to a deed within your lifetime ensures they’ll inherit your property. However, there are some stipulations involved. It is best to speak with a lawyer to discover your options.
Want to Know More about Deeds? Partner with Atkinson Law. We’ll Take Care of You Like Family.
At Atkinson Law, we listen to all our clients and protect their interests so they can receive a positive legal outcome. We’ll work with you and give you the best possible recommendation for your future. To learn more about estate planning and deeds, contact us today by calling (410) 882-9595 or visiting our website