I have to either establish a will or a quit claim deed to cover what becomes of my home. I own my home. My retirement is being handled by a financial group and I have beneficiaries assigned in case of death. So my only real concern is my home.
Well, for one thing, a quit claim deed would subject the recipient to a massive capital gains tax obligation as the house would be valued at what you bought it for and taxed at the current value.
A will allows a step-up in taxable value at your death so they take it free of capital gains at any subsequent sale (as least based on the appreciation you realized).
