In need of answers quick.....

[StarsMoon]

What is the name of your state? Fla

Is a warranty deed necessary for a spouse's children to receive their fair share of an estate before said spouse's demise or before a will is made? My spouse is asking me to sign a warranty deed showing we sold the property to his son and we have life estate to the property till we die.

 

[divgradcurl]

What is the name of your state? Fla

Is a warranty deed necessary for a spouse's children to receive their fair share of an estate before said spouse's demise or before a will is made? My spouse is asking me to sign a warranty deed showing we sold the property to his son and we have life estate to the property till we die.

This doesn't make any sense. If you sign over the deed -- even if you retain a life estate -- then the property will be owned by his son, period. Maybe if you gave more facts, a better answer could be given.

 

[StarsMoon]

My spouse is trying to ensure that his only child will receive his share of the estates real property. He is using this warranty deed to acheive this. Will this warranty deed tie up the original deed by putting his son's name on it? Also, if we wanted to do a reverse mortage can the son cause problems by having his name on this waranty deed?

 

[divgradcurl]

Will this warranty deed tie up the original deed by putting his son's name on it?

"Tie it up?" No, it will replace it. You'll have a new deed, except, from what it sounds like, your name won't be on it.

Also, if we wanted to do a reverse mortage can the son cause problems by having his name on this waranty deed?

Well, if your name isn't on the deed at all, you certainly can't get a reverse mortgage, or a mortgage of any kind. If the son's name is on the deed in addition to all of your names, that too will make it difficult to get a reverse mortgage, or any other kind of mortgage.

Why not meet with an estate planning specialist, that way you can make sure that the house will go to the son (if that's what everyone wants) without impacting anyone's life now. Plus if you just give the house to the son, he will likely get nailed with taxes if he ever tries to sell...