What type of deed if needed for my mother to leave her children her home upon her death?

Full question:

My Mother has terminal lung cancer and has put a will together with me as the executor of her estate. There is only a home involved that is worth approx. $115,000 although $50,000 is owed on the home. Mother's wishes would be that her home is sold and all belongings and divided amongst the 6- children. My question is, in Michigan should there be a quit claim deed completed? And should it be in the Executor's name only or all 6-children? Also, what type of Michigan tax is involved in this situation or federal tax? The total estate value will be approx.$75,000.

Answer:

There would be no Federal estate tax on $75,000.00. Sorry to hear about the cancer. When the mother dies, the Will is probated and a deed to the buyer is usually signed by the executor. Most Wills give the executor the power to sell the property without court order. If not, a court order would be required to sell. Probate should be simple. There could be other methods to effectuate a transfer of the home now or on her death that could be discussed with an attorney if you have concerns.

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FAQs

Yes, a terminally ill person can change their will as long as they are mentally competent to do so. They must follow the same legal requirements for creating a will, which typically include being of sound mind and having the will properly witnessed. It's advisable to consult with an attorney to ensure the changes are valid and reflect their current wishes.