While working with a client on a recent trust issue, it became clear that property was going to need to be retitled into the name of the trust. When I explained the issue to my client, the response was, “Oh, we can just use a ‘quick claim’ deed, right?”
Unfortunately, no – Colorado has yet to recognize a “quick claim” deed, but you can often get away with using a quit claim deed. The mistaken terminology is quite common, however. The misnomer is likely the result of the relative ease and simplicity of the deed compared to a general or special warranty deed.
Regardless of how people term the deed, the quit claim deed can become quite useful in the estate planning process. For instance, a couple who recently married may consider executing a quit claim deed to add the non-homeowner spouse to the title of the home. By owning the property as joint tenants with right of survivorship, the couple may avoid, or greatly simplify, the probate process at the first spouse’s death – just by executing one, “quick” document. Other appropriate uses may include transfers into trust, gifting arrangements and asset protection.
All property transfers and estate planning techniques should be considered carefully and discussed with your attorney.
Patrick Curnalia is an estate and tax planning attorney with Curnalia Law, LLC. Patrick has worked with many clients to help them achieve their planning goals. Our firm services the entire Denver area and is located near the Denver Tech Center. Find out more about how our firm can help you by visiting our website at www.curnalialaw.com.