Should I put my children's names on the deed? 5 Answers as of March 13, 2012

I do have a living will but do you recommended I have my children's name put on my deed to my home and properties?

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The DeRose Lawfirm | Peter J. DeRose
I recommend that you place your property in a revocable trust. The trust is the cornerstone of a proper estate plan and is used with a power of attorney for health care, financial power of attorney and a will that pours over to the revocable trust. if you put your kids names on the property, for income tax purposes, they step into your shoes for purposes of basis. When the property is sold, there will likely be income tax payable. If property is placed in a trust, the basis for your children will be "stepped up" to the value of the property at the time of death. If the property is sold, there is no income tax. The trust also avoids probate and attorney fees. If you know of anyone who has been through probate you know they will tell you they never want to do it again. Hire an experienced lawyer to assist you in preparing these documents. Your heirs will consider it the most wise investment you ever made.
Answer Applies to: Michigan
Replied: 3/13/2012
THE HUBBARD LAW FIRM, P.C.
THE HUBBARD LAW FIRM, P.C. | Donald B. Lawrence, Jr.
There are multiple reasons to not put your children's names on the title to your home and properties. Aside from the consequence that after their names are on, you need their consent to rent, mortgage, sell, enter into home improvement agreements, etc., there are issues that you create if, at your death, there is any dissension as to what to do with the home and properties, to sell, rent, improve, distribute, etc., that dissension and impasse may require a lawsuit to resolve. A better solution would be to rely on your personal representative under your will to address these issues and better yet would be to put these assets in a trust through an enhanced life estate deed and skip the probate process entirely. You can control your assets during your lifetime but in the event of your incapacity or death, your chosen trustee can step in and carry out your wishes.
Answer Applies to: Michigan
Replied: 3/13/2012
McCleary & Associates, PC
McCleary & Associates, PC | David M. McCleary
A living will has nothing to do with property. Generally I advise against putting children on a deed divorce bankruptcy law suits etc.
Answer Applies to: Michigan
Replied: 3/13/2012
The Center for Elder Law
The Center for Elder Law | Don Rosenberg
Absolutely not. It is a much better way to do this. You do not want to become partners with your children's problems and it is also a gift for nursing home purposes.
Answer Applies to: Michigan
Replied: 3/12/2012
Musilli Brennan Associates PLLC
Musilli Brennan Associates PLLC | John F Brennan
Your terms and questions are less than precise. It is your actual situation and desires which should determine how you title your property. Your "living will" or "living trust" must be properly coordinated with the titling of your property to make everything work together. Actually, if everything is not done in a coordinated and correct manner you can severely complicate matters, and make it much more expensive on your passing.
Answer Applies to: Michigan
Replied: 3/12/2012
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