QUESTION
Aren't I giving up my ownership in the property if I add my wife to my property deed for joint ownership by signing a quit claim deed?
Asked on Sep 19th, 2014 on Estate Planning - Michigan
5 ANSWERS
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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There are many reasons to add your wife to the property title and there are many reasons not to.. but you are not giving up your ownership.. only your sole ownership contact an attorney to discuss this.
Answered on Sep 22nd, 2014 at 12:38 PM
Business Law Attorney serving Mount Pleasant, MI
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Office of Michael Hyde PLLC
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You do not Quit Claim the property to only your wife - if you do that you are giving away the property. You will Quit Claim the property from you to you and your wife. If it is your intent to protect the property and want her to inherit it outside of probate if you pass.
Answered on Sep 22nd, 2014 at 11:57 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You would be a joint owner of the transaction was correctly done.
Answered on Sep 22nd, 2014 at 11:25 AM
Criminal Defense Attorney serving Southfield, MI
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Law Offices of Ezra N. Goldman P.C.
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On the contrary in Michigan, your wife has ownership rights in your real estate whether you add her to the deed or not.
Answered on Sep 22nd, 2014 at 11:25 AM
Presently, if the property is in your name alone, you are the owner, but your wife has an inchoate dower in the property. That means she has a potential lifetime interest in the property if you die and she survives you. It also means that you cannot convey clear title to someone else without your wife also signing the conveyance. If you quit claim the property to you and your wife, then you two will own the property as tenants by the entirety. This means that neither of you can convey any interest in the property to anyone without the other also signing the conveyance. It also means that the survivor of the two of you will end up as the sole owner of the property.
Answered on Sep 22nd, 2014 at 10:25 AM