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I'm thinking of putting my property into my daughter's name. Seems like it should be an easy process, but considering we're in Hawaii it's probably not.
Other option would be setting up a trust, I suppose. Daughter is young, unmarried adult, so that may be a wiser move.
Thanks for any info and/or advice.
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Do a revocable trust unless your health is so questionable the near future is in doubt.
Assume the best and ask questions.
Punaweb moderator
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Ours is in both parent and child's name with "right of survivorship". Only cost one visit to my Atty. and about 100$. No hassles.
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yeah, peter kubota will do this. i also kept my name on deed with rights of survivorship. it is an easy process and no transfer fees if parent to child... anyway he is close to ben franklins downtown hilo, i think only a couple of attorneys do this and i have used him for many many years and he is a good guy and very pleasant...
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Seems like this would be a boilerplate legal document, can one get a copy and file themselves?
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OWNERSHIP STATUS AND/OR TENANCY
Q: How do I add someone to my deed?
A: A new deed needs to be prepared that will convey the existing interest to the new owners which will include you and the individual(s) you are adding. Hawaii is not a “forms” state where pre-printed deeds are available so the BOC recommends the services of an attorney or title company to ensure documents are properly prepared.
http://dlnr.hawaii.gov/boc/faqs/
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Thanks. Figures Hawaii would be protecting a job that could be replaced by a web page. "Recommends" leaves some leeway though...
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I understand that the State is 5 years behind on issuing property deeds. If you make changes, you will get a copy with a filed-date stamp, but the actual original will take a long time to get. I still haven't received my original, let alone the one from when we set up a trust.
1 island 2 another
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yes you can do it yourself if you use your original deed for a guideline, making sure the legal description and spacing is correct
then it costs $27 to file and record
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I had been thinking of doing the same thing - putting my property in my son's name. The problem I think (I'm not a lawyer) is that it would be considered a gift, and taxable as such. If the property is put exclusively in his name he is receiving a $150,000 "gift." If he is a co-owner, with myself still on the deed, it may or may not be considered a gift. What I've done instead is create a TOD, transfer-on-death, deed with him as owner once I die. No probate, no problems (theoretically). It cost a set fee, about $250 plus $40 filing fee, and the lawyer, Kathleen Kentish Lucero, took care of the filing. Any lawyerly punawebbers please correct or comment...
