What type of deed if needed for my mother to leave her children her home upon her death?
Full Question:
My Mother has terminal lung cancer and has put a will together with me as the executor of her estate. There is only a home involved that is worth approx. $115,000 although $50,000 is owed on the home. Mother's wishes would be that her home is sold and all belongings and divided amongst the 6- children. My question is, in Michigan should there be a quit claim deed completed? And should it be in the Executor's name only or all 6-children? Also, what type of Michigan tax is involved in this situation or federal tax? The total estate value will be approx.$75,000.
05/12/2007 |
Category: Wills and Estates |
State: Michigan |
#4535
Answer:
There would be no Federal estate tax on $75,000.00. Sorry to hear about the cancer. When the mother dies, the Will is probated and a deed to the buyer is usually signed by the executor. Most Wills give the executor the power to sell the property without court order. If not, a court order would be required to sell. Probate should be simple. There could be other methods to effectuate a transfer of the home now or on her death that could be discussed with an attorney if you have concerns.