As a homeowner, your property is likely your most significant asset, and you naturally want to ensure it passes smoothly to your children after you’re gone. A common piece of “coffee shop” advice is to simply add your adult child’s name to the deed of your home. It seems like a brilliant and simple strategy. By creating a “joint tenancy with right of survivorship,” the house will automatically pass to them upon your death, completely avoiding the time, cost, and hassle of probate court. While this is true, this seemingly clever move is a financial and legal minefield. The risks involved can be catastrophic, creating unintended consequences that can jeopardize your financial security and your child’s inheritance.
Before you ever add a child to your property title, there is one critical legal tool you must consider first.
