QUESTION

WE SOLD OUR SON A PORTION OF LAND WE OWN. HE WANTS TO BE ON DEED. WE WRONGLY THOUGHT IT WAS POSSIBLE TO SHOW HIS 25% AND OUR 75% OWNERSHIP VS A 50/50

Asked on Aug 31st, 2017 on Real Estate - California
More details to this question:
WE HAVE LEARNED THAT IF WE PUT HIM AND HIS WIFE ON TITLE, THAT THEY BECOME 50/50 OWNERS OF THE LAND WITH US. WE DON'T WANT THIS. WHAT ARE OTHER OPTIONS?
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1 ANSWER

Real Estate Attorney serving Oakland, CA at Sack Rosendin LLP
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Yes, you can take title in whatever percentages you want. Just show the percentages on the deed. If you don't show the percentages, the law will presume that the shares are equal, but that presumption can be rebutted, but that means at a trial, and you don't want to be suing each other. If you appreciate this free advice, please remember to refer me to any friends or acquaintances who need a lawyer. Referrals are still our best source of new business. Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need. Dana Sack    
Answered on Sep 13th, 2017 at 11:25 AM

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