What effect does a deed transfer have on future inheritance?
Full Question:
Answer:
When a deed is properly executed and recorded, ownership of (or title to) that property is transferred from the grantor to whomever was the grantee or grantees. Typically, the grantor does not retain any ownership interest in the property. If the deed gave title to 2 individuals, they would share ownership of the property either as joint tenants or tenants in common and have separate interests which may, in some cases,, be transferred to other individuals.
If a person's will states that they wish to leave all their property, personal and real, to someone as a bequest, they can only bequest what they own at the time of their death. If they sell, dispose or otherwise do not own a piece of property at the time of their death, the person named in the will cannot inherit it.
