will vs quit deedif there is a will left, then who haspriority the will or quit claim deed

Question

will vs quit deed

if there is a will left, then who has

priority the will or quit claim deed

Answer

Re: will vs quit deed

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such nformation, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

A Quit Claim Deed takes precedent over the Last Will and Testament because it takes the property out of the estate and is not part of it.

Unfortunately, it is often not the best way to transfer property from one relative to another.

By transferring the property now, you have lost the right for a stepped up basis on the property at the time of the decedent's demise. Your basis will be the amount the grantor originally paid for the house and not the value on the date of his/her death which it otherwise would have been if transferred through probate.

Capital gains taxes on its eventual sale are based on the difference between the purchase price (basis) and the net selling price after various allowable deductions for improvements and costs of the sale.

Scott R. Jay, Esq.