As we get older, it’s common to want to add your child’s name to the title of your home. Since you plan on leaving the house to your child, why not add your adult child to your home’s title now? You may think this is a good way to avoid probate court, and the house will automatically be left to the other person on the deed. There is actually more bad than good that can happen in this situation.
While you may have the child’s best interest in mind, many things can go wrong with putting them on the title of your home. You want to do what is best for your child. But making them a co-owner of your home is not always the right decision.
Several ramifications can take place. And here are 3 reasons why to keep the house in your name only:
There are better ways to leave the house to your child than adding them to the title of your home. Setting up a revocable or irrevocable trust is generally used to avoid probate court and estate taxes. Working with an experienced estate planning attorney can help you find the best way to leave all assets to your loved ones.
We can help you establish the estate plan that you want. Establishing a will or trust is a better way to leave your home to your children. Your estate plan can be a final gift to loved ones. Let the Estate & Probate Legal Group in Illinois guide you each step of the way. Contact us today at 630-864-5835.
AREAS WE SERVE: DuPage, Kane, Lake and Will counties.