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Tigers68

Leaving real estate to daughter

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Looking to leave our two homes to our daughter.  Both have good equity, but also have liens on them.  What will be her responsibility in regards to the liens. Must she refinance them or can she continue to pay on them as they are in our names?  To avoid probate, can we do this in a living trust or is there a better way?

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A trust will allow your children to avoid probate (at least as to assets that are in the trust).  Whether there is "a better way" isn't something strangers on the Internet can determine for you, and you should consult with a local estate planning attorney.  Refinancing should not be necessary, but that's one of things you can discuss with the attorney.

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Looking to leave our two homes to our daughter.  Both have good equity, but also have liens on them.  What will be her responsibility in regards to the liens. Must she refinance them or can she continue to pay on them as they are in our names?  To avoid probate, can we do this in a living trust or is there a better way?

 

Trusts are expensive. If your major concern is the two homes you might consider a Transfer on Death Deed. Last September Texas added itself to the list of states that allow TOD Deeds for real property by passing the Texas Real Property Transfer on Death Act.

 

It's explained in Chapter 114 of the Texas Estates Code and can be read at:

 

http://www.statutes.legis.state.tx.us/Docs/SDocs/ESTATESCODE.pdf

 

You'll have to decide if that can work for you.

 

It works for me and I have one on my house in Arizona in favor of my sister.

 

Texas also makes it easy for an heir to transfer ownership of motor vehicles:

 

http://www.txdmv.gov/registration-and-title-bulletins/2012/016-12

 

With house, cars, bank accounts and only one heir, your estate planning should be relatively easy and not very costly.

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