quitclaim deed
Barry should transfer the title of the property from his name to his wife Lucy creating a life estate with the remainder to their three children in equal 1/3 shares as tenants in common. "Barry gives the land to Lucy for life and then Arthur, Brenda and Carrie” who shall remain tenancy’s in common.
By creating the deed like this Barry is not only taking his name off of the deed but he is also giving his wife the house to live in for the rest of her life. This will accomplish what Barry wants as far as his future Medicaid eligibility and the issue of his creditors targeting the property. It is legally documented that after both Barry and Lucy’s death their children will equally divide the property as tenants in common and be able to do what they wish with their share of the property.
QUITCLAIM DEED
THIS QUITCLAIM DEED, Executed this __7__ day of ____February______________, 20_14___, by first party_____Barry____________________________________________ whose post office address is____12 Maple Lane Hypoville New Tudor 66666_______________________________________ to second party,_______Lucy for life as a life estate and then the remainder to his children, Arthur, Brenda and Carrie______________________________________________ whose post office address is_____12 Maple Lane Hypoville New Tudor 66666______________________________________.
WITNESSETH, That the said first party, for good consideration and for the sum of does hereby remise, release and quitclaim unto the said second party for life, all the right, title, interest and claim which the said first party has in and the remainder to his children in equal shares as tenant in common, to the following described parcel of land, and improvements and appurtenances thereto in the County of__________Hypoville___________, State of___New Tudor____________, to wit:
This property is a single family home at 12 Maple Lane, Hypoville, New Tudor 66666
IN WITNESS WHEREOF, The said first party has signed and sealed
By creating the deed like this Barry is not only taking his name off of the deed but he is also giving his wife the house to live in for the rest of her life. This will accomplish what Barry wants as far as his future Medicaid eligibility and the issue of his creditors targeting the property. It is legally documented that after both Barry and Lucy’s death their children will equally divide the property as tenants in common and be able to do what they wish with their share of the property.
QUITCLAIM DEED
THIS QUITCLAIM DEED, Executed this __7__ day of ____February______________, 20_14___, by first party_____Barry____________________________________________ whose post office address is____12 Maple Lane Hypoville New Tudor 66666_______________________________________ to second party,_______Lucy for life as a life estate and then the remainder to his children, Arthur, Brenda and Carrie______________________________________________ whose post office address is_____12 Maple Lane Hypoville New Tudor 66666______________________________________.
WITNESSETH, That the said first party, for good consideration and for the sum of does hereby remise, release and quitclaim unto the said second party for life, all the right, title, interest and claim which the said first party has in and the remainder to his children in equal shares as tenant in common, to the following described parcel of land, and improvements and appurtenances thereto in the County of__________Hypoville___________, State of___New Tudor____________, to wit:
This property is a single family home at 12 Maple Lane, Hypoville, New Tudor 66666
IN WITNESS WHEREOF, The said first party has signed and sealed