Expert: Dick Dennis - 7/8/2009

Question
My husband passed away in Dec. of last year.  I have paid off our mortgage and want to know if I should just record the deed listing my husband as deceased or spend the extra money to get a new deed titled in my name with my son listed as the beneficiary?

Answer
First, I want to express my condolences, Judy. I have been married 55 years, so I know your loss can be difficult. By now, I hope things are starting to fall into place for you.

Depending on how you held the title with your husband, Judy, it may not be necessary to do anything other than to see how you are going to put your son on title with you, if at all. It depends on the state in which you are located. I would recommend you have an ESTATE attorney help you put the property into a Revocable Living Trust. Your son can be your beneficiary with that. Actually he would be your trust successor. Plus there should be very little tax consequences, if any.

Now that you have paid off your mortgage, in your state they have what may be referred to as a mortgage release or deed of reconveyance. Be sure the mortgage company has indeed sent you that. Or they may have given you the original mortgage and note with a stamp indicating it has been paid off leaving you to record the necessary documents to put the property into your name WITHOUT any mortgage.

Do not be bashful in asking any additional questions, Judy. I wish you well.

Dick Dennis
dixiedee13@aol.com