Trusts & Estates Law/Quitclaim Deed

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Question
Hi David,

I have a question about quit claim deeds. My 3 brothers and I inherited a building from my parents in a revocable living trust. My dad passed in 2004 and my mom in 2013. The building we inherited is now under a signed contract for a sale. Can I get a quit claim deed from my brothers WHILE the property is under contract?

Answer
I'm not an expert in IL law but you should be able to transfer ownership up until the very last moment before closing or at closing (which I have done).  I would advise you to use a warranty deed instead.  Attorneys have told me quick claim deeds can have problems.  $100 should do it.  At least that's what I pay.  

I could draft them myself in TX but I choose to use a real estate atty so I have someone to yell at if it goes wrong.   May I ask why they want to do this?  You could simply sell it and pay them their share after closing costs.  Just my 2 cents.  Please read this for a more thorough explanation:  http://www.atgf.com/tools-publications/pubs/deed-elements-and-recording-requirem

David Disraeli

Trusts & Estates Law

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David Disraeli

Expertise

I can answer general questions about estate planning and trusts. I can also answer questions about estate tax reduction and advanced charitable giving, family partnerships and asset protection. I may have already answered your question here: www.lifeplanblog.com or here www.pcfo.net

Experience

I have worked for 24 years with clients and their attorneys to formulate estate plans to meet client goals. I have found many mistakes made by client attorneys and were able to have them corrected. I focus on making sure that beneficiaries are protected from current or future spouses and lawsuits so the wealth stays in the family. I have also published a book on Aging Parents which can be found on Amazon https://www.amazon.com/dp/B003VP9WTG

Organizations
President and founder of The Personal CFO Inc.

Publications
www.pcfo.net www.lifeplanblog.com

Education/Credentials
Certified Financial Planner 1994

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