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Q: - "I am interested in finding out if it is better to get a quit claim deed or to have property described in a Last Will and Testament, and which is less expensive?"
A: - A quit claim deed passes all interest the owner, (the Grantor) has in real property to another person, (the Grantee). At death a Last Will and Testament passes title to property from the decedent to a beneficiary, but only after a paper work process at the court house called probate. Most attorneys will draft a quit claim deed for $50.00. A Last Will and Testament will usually cost about $150.00.
Comparing a quit claim deed to a Last Will and Testament is like comparing apples to oranges. The two documents pass title to real property, but have very different consequences. If a grantor quit claims property to the Grantee, the Grantee owes the property immediately. The grantor will lose homestead tax exemption, and the property will be subject to judgement creditors. The Grantee could sell the house or could use the property as collateral for a loan. If the payments on the loan are not made the home can be lost in foreclosure. If, upon his death, a person wants real property to pass to someone else, without the necessity of probate, then he should have a revocable living trust drafted. With a trust the Grantor retains complete control over the property. The homestead is not subject to judgement creditors, the owner will not lose homestead tax exemption, and there is no probate required later. Having a revocable living trust drafted by an attorney costs about half of what it costs to probate a Last Will and Testament.
The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.