I live in state of PA. I have concern about writing a deed to our property in a correct way.

Asked over 1 year ago - Mechanicsburg, PA

I want to put my husband and my name on the deed as well as my sister's in case something happen to both of us. We don't have children, that's why i want to include my sister's name on the deed. Is deed as joint tenants with right of survivorship is good way to go. Will my sister have to pay taxes if something happen to both of us? Any pros and cons? thank you.

Attorney answers (3)

  1. James S. Tupitza

    Contributor Level 18

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    Answered . Almost any time you own property jointly with your husband, you want to own it as tenants by the entireties. Think of this as though it is the two of you as a couple that owns the property and that neither of you individually owns anything. On death of one spouse, the property will be owned by the survivor.

    Joint tenants with right of survivorship requires equal owners. You and you husband would own one half and your sister one half. If you sister dies, you and your husband are the owners. If your husband dies, you and your sister are the owners.

    Deeding a one half interest to your sister is a taxable gift and you will need to file a gift tax return, even if there is no tax. If you or your husband go into a nursing home within 5 years there will be issues. If your sister has creditors, they will be able to force a sheriff's sale of the property.

    You need to meet with a lawyer and equip yourself to decide if a deed or a will is your best choice. Don't make the mistake of thinking you will be able to research every issue online. This is a starting point. You will need actual legal advice.

    DISCLAIMER The response given is not intended to create, nor does it create an ongoing duty to respond to... more
  2. Robert John Carey

    Pro

    Contributor Level 12

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    Answered . Have you ever played three dimensional chess? That is what you are about to experience when you try to explore all of the possibilities of doing what you ask. This is not as easy as knowing a few legal sounding terms and buying a form from Staples. Most attorneys do not even understand the potential complications involved. Please contact an experienced Real Estate Attorney, possibly one who also has a title agency, before you do something that you (or your family) will regret.

  3. Calvin T. Sun

    Contributor Level 15

    2

    Lawyers agree

    Answered . I agree. Best to hire experienced attorney.

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