Leaving property to my daughter

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My question is me and my soon to be ex wife own 2 townhomes together but the loans are not Assumable so we decided that it would be best to leave them in our names after the divorce or else we would have to refi them at a higher rate so she gets one and I would get one however when I meet my maker I want mine to go to my daughter what would I have to do to make that happen would I need a special attorney for this? Thanks


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I am assuming that both you and your wife’s names are on each property and each loan. That being the case, why not consider quit claiming each of your interest so that each property is 100% owned by one person. Though both your names are on the loan (heaven forbid if your wife defaults on the loan), I do not think this should be a problem with the lender. Though I would definitely check with a real estate attorney first.

Then you could either will the estate to your daughter or you could do the life lease that Ted mentioned.

Answered 3 months ago
3 months ago cman143 said:
 

Thanks Simon you have been a great help.


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Probably best to consult a real estate attorney to be sure on this. The concern is that while you could certainly quit claim your interest in the town home over to your daughter while retaining a life estate (which essentially allows you to live there for the remainder of your life), your soon to be ex will still have a 50% share in the ownership of the town home, regardless of what you do with your share.

Answered 3 months ago
Ted Rood
1237 6
3 months ago cman143 said:
 

Thanks Ted you have been a great help.


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