It’s true that if your child is on your deed as a joint tenant on your home, your home will not have to go through probate if your child survives you. At your death, your surviving child would immediately become the sole owner of your home without probate and with minimal transfer costs.
There are many ways to pass property on to children, including gifting the family home to them while you are still alive, bequeathing it to the children upon your passing, or selling the residence to your heirs.
In a nutshell, it might be better for your mom to put the home in a living trust that allows her to control the home while she is alive and allows you to inherit the home through the trust upon her death.
Before you decide to put your home in an irrevocable trust, it is important to have a basic understanding of what you are doing and why.
My father passed away recently. How do we remove his name from the title to the home? Can we record a death certificate or have mom sign a new deed?
If you want a legal plan that avoids probate court, there are two options: first, an enhanced life estate deed, and second a living trust. Each has its pros and cons.
I am named successor trustee in my parents’ trust. When the time comes, how do I sell the home and the other assets?
I want to divide my estate equally among their three children. I’ve mapped out a plan to dispose of my property without any probate whatsoever. I put it together from what I’ve read on the internet. It’s just marvelous what you can learn by Googling things, don’t you think?
One common trouble that many executors overlook: dispersing personal possessions that have little financial value but great sentimental value.