Did you know that by adding your child (or anyone for that matter) to the deed to your property with rights of survivorship, your child has an immediate interest in the property?
This means that they are immediately considered owners of the property regardless of what your intent is. What does that mean?
The following are just some of the consequences:
1. You are now unable sell that property without your child's approval. A deed cannot be transferred without the approval of all persons named on the deed.
2. Your child's creditors can file a lien against the property to collect for your child's debts. Your child now has an interest in that property and their creditors can go after it.
3. The property will be counted as an asset for your child. This could affect their eligibility for public benefits. It could also affect their eligibility to declare bankruptcy
4. Once your child is on the title, you cannot remove them unless they agree to grant the property back to you. In effect, you cannot change your mind without their consent.
What is the alternative?
There are other alternatives to putting your child's name on the deed to your property. One of the best ways is to execute an Enhanced Life Estate Deed (also known as a Ladybird Deed).
This deed reserves the property in your name with rights to sell, convey, mortgage, etc and only transfers the property to the person you name upon your death. An Enhanced Life Estate Deed avoids all of the pitfalls listed above.
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