The first step is to sign a deed that transfers ownership of the house from your grandfather to you. Alternatively, your grandfather can entrust the house in a trust. Both you and your grandfather can sign a quitclaim deed transfer as an alternative. It would be best to consult a lawyer for further advice. You can also find information from the following site http://www.ehow.com/how_12027301_transfer-title-home-children-grandchildren.html.
1 year ago
Last edited at 5:37AM on 2/14/2013
I don't know AZ law. In some states, the property automatically goes to the next of kin in the event of death. But, to be safe, get a lawyer to draw up a will and express your concerns about "inheritance taxes" and how you can avoid them, if possible. That last part is very important. Inherited things are taxed at a much higher rate than earned income. You might get a $200, 000. dollar home and wind up owing the government 40K. And, if you are not going to be living in it, and he transfers it to you by signing over the deed, you must declare it as " unearned income" , again taxable.