Often used to transfer property between family members, into or out of trusts, or to clear up title questions. A quitclaim does not promise that title is clean — it only transfers whatever interest the grantor actually owns.
Related terms
Step-Up in Basis
A federal tax rule (IRC §1014) that resets an inherited asset's cost basis to its fair market value on the date of the original owner's death.
Probate
The court-supervised process of validating a will, paying the deceased's debts, and transferring remaining assets to heirs.
Inheritance Tax
A state-level tax paid by the heir on the value of property received from a deceased person.