If I want to make sure that my house automatically goes to my children without the expenses of probate, should I add their names to the title of the property as joint tenants while I am alive?
Generally speaking, the answer to this question is no. If you want to make sure that your children receive your house and other real property, and you also want to avoid probate, a Revocable Living Trust is an effective device for holding title to real property and transferring ownership of real property to the beneficiaries designated in the trust upon your death. There are two potentially significant disadvantages to adding other names to the title on your real property as joint tenants. First, you give up your sole ownership of the property, and you must obtain the written consent of all named owners if you desire to sell or dispose of the property. Second, if your home or real property has appreciated significantly in value, it is much better for your children or other beneficiaries to take title to your home or real property by way of inheritance, which can be accomplished effectively through use of a Revocable Living Trust. The reason that it is more desirable to have your heirs
Related Questions
- If I want to make sure that my house automatically goes to my children without the expenses of probate, should I add their names to the title of the property as joint tenants while I am alive?
- Can I put my market value life interest in the names of my children to avoid estate taxes and probate fees?
- Does the Party Who the Children Live With Automatically Get The House?
