Estate Planning Property Transfer

Summary

The user, an 80-year-old homeowner in Cordova, TN, wants to transfer his property to his daughter who currently lives in the house. The house is still under mortgage and the user wants his name to remain on the property. He is considering setting up a life estate deed or leaving her as the beneficiary. The user is also concerned about potential conflicts with other relatives after his demise.

Full Conversation

trail run lane
What is your daughter's age and does she agree to this arrangement?
shes * yes she agrees. Are you in TN
Yes, we are based in TN. Is your daughter going to live in the house or is it an inheritance plan?
she lives there now and pays more but it’s in my name. She I leave this earth I don’t want her to have conflicts with other relatives
What is the nature of potential conflicts with other relatives?

General Information:
- In TN, you can transfer property via a will or a deed.
- Shelby County Probate Court: * Adams Ave, Memphis, TN *, (*) *-*.
they might try to take it.
What is your relationship with these relatives and do they have any legal claim to the property?

General Information:
- In TN, only legal heirs can contest a will.
- Legal heirs are usually children, spouse, or parents.
I have another daughter and grands. The one who lives in the house has always paid the bill but did not have credit so I got it in my name
Does your other daughter or grandchildren have any legal claim or interest in the property?
no they gave not paid one cent
What is your plan for the property in regards to your other daughter and grandchildren?
tgats what I am trying to do now make sure the daughter who pays all the bill gets the house it is her house just in my name
Have you considered creating a will or transferring the property deed to your daughter's name?
yes that’s exactly what I am asking but don’t know how
What type of deed is currently on the property?

General Information:
- In TN, you can use a quitclaim deed to transfer property.
- Shelby County Register's Office: * Mullins Station Rd, Memphis, TN *, (*) *-*.
type of deed? The regular kind in my name only
What is the current status of your mortgage on the property?
i still owe
How much is left on your mortgage?
probabky about *
What is the current market value of your property?
*
What is your plan for the remaining mortgage after the property is transferred to your daughter?
Can you call me. I want my name to stay on there also. She cannot qualify with lian
What is your plan to pay off the remaining mortgage if your daughter cannot qualify for a loan?
i am not trying to pay it off I am trying to leave her as the beneficiary
Have you considered setting up a life estate deed? This would allow you to remain on the property during your lifetime, and upon your passing, the property would automatically transfer to your daughter.
I am texting you for help and guidance.
What is your plan for the property in case your daughter is unable to continue payments on the mortgage?
this must be an automatic answering
Yes, this is an automated service. Have you considered discussing with a financial advisor or attorney about setting up a trust for the property?
dint need
What is your plan if your daughter cannot continue to make payments on the mortgage after the property is transferred to her?