What is the name of your state (only U.S. law)? AZ
I own my home as a single woman in AZ. I have a 1st Mortgage and a HELOC with a different lender. I do not plan on selling the property and I do not plan on refinancing. I currently have very low fixed rates, with 15 years left on the mortgage. I have 1 son and no other family. In the event of my death I want to leave the property to my son and of course avoid probate and inheritance taxes. I know this can be done with a trust but since I have only one beneficary and no possibility of any one contesting I thought it would be better to just add his name to the title of the property as co owner. I believe this can be done by filing a Quit Claim Deed. If I file this and place both our names as co-owners, will this impact the mortgage in any way? Also is there any special designation on how the names are specified? I believe I've seen something about right of survivorship.
I own my home as a single woman in AZ. I have a 1st Mortgage and a HELOC with a different lender. I do not plan on selling the property and I do not plan on refinancing. I currently have very low fixed rates, with 15 years left on the mortgage. I have 1 son and no other family. In the event of my death I want to leave the property to my son and of course avoid probate and inheritance taxes. I know this can be done with a trust but since I have only one beneficary and no possibility of any one contesting I thought it would be better to just add his name to the title of the property as co owner. I believe this can be done by filing a Quit Claim Deed. If I file this and place both our names as co-owners, will this impact the mortgage in any way? Also is there any special designation on how the names are specified? I believe I've seen something about right of survivorship.