Suppose I wish to avoid probate on the death of the second spouse as well and add myself, my spouse and my child as joint tenants on the family home?
You will need professional advice before embarking on this procedure. By putting your child on the family home, you may be exposing the family home to the financial and marital problems of your child, either existing or potential. Furthermore, you should consult your tax advisor. Once the child is named on the home, if that home is not a principal residence of the child, your home may no longer fully enjoy exemption from capital gains taxation.
