I want to add my eldest child to the deed on my home in order to avoid probate. Is this a good idea?
June 27, 2008

Q: I want to add my eldest child to the deed on my home in order to avoid probate. Is this a good idea?

A: If you only have the one child this may make sense. However, there are potential pitfalls. First, if you have more than one child and your intention is that the value of the home be split between your children, there could be negative gift and estate tax implications for the eldest child. Second, without a will or revocable trust, there would be no legally binding obligation on the part of the eldest child to transfer the home (or its value) to the other siblings. Finally, having your child on the deed could expose the home's value to the creditors of your child, depending upon how the deed is titled. So the short answer is, there are pros and cons to this planning technique. To make the right decision you must make an informed decision. Consult a lawyer qualified to give you advice in this particular area.

If you have questions, please contact:
Charles B. Jones, Esquire

CJones@tandllaw.com
(410) 752-2468