House title
What is the cheapest way to add my children to the title of my house in case of my death so the house doesn’t go to probate?
I don’t currently have a will .
Terry Says
First I’m going to ask you to watch this video I made about estate planning:
https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
Then, maybe you’ll understand the importance of having a will, or better yet — a Revocable Living Trust.
If you put the house in Joint name now — and register the title — your co-owner can avoid probate. But in the meantime, if they are sued, half the house is their asset!! That makes you vulnerable.
And if they needed to take money out of the house to pay for your care if you are incapacitated, they would need your signature — tough if you’ve had a stroke or dementia.
There are also tax considerations. At your death, there would be no tax on any gains in the house if it is in your name. Gifting half now, could have tax consequences.
Again, please consult an estate planning attorney in your state. Penny wise and pound foolish.
