“We can just put our kid’s name on the house…”
(Yeah, don’t do that… come on, man… seriously?)
It can be tempting to avoid creating an estate plan when your only significant asset is
your home. After all, you’ve heard that you can just put your home in your kid’s name to
avoid probate and be done with it? Right? Right…?
We hear this question more than you’d think at our office, and we almost always advise
against it. The truth is, there are plenty of reasons to keep your home in your own
name, and almost no reason to try a shortcut like this.
Just consider:
Is your relationship with your child as good as you think? Once the home is in their
name they have no obligation to ever give it back or to continue to let you live there.
Do you have more than one child? Putting your home in only one child’s name can
cause a rift between siblings. Alternatively, if you put the home in the names of all your
children, it can make the home more vulnerable to liabilities and paperwork errors.
Have you considered a Trust? A Revocable Living Trust or an Asset Protection Trust
can be a safer way to avoid probate. These trusts are flexible, reliable, and don’t have
to be expensive. In fact, a trust can actually save your family money in the long run!
Don’t make a mistake that could end up causing you to lose your home.
Contact our office to discuss how we can help you protect your family and your assets from probate
and liabilities.
