Inclusion of Child in Deed
Question: Should my dad include a child on the deed to avoid a lengthy probate?
Question Detail: My dad owns a house and 6 acres and has 5 children.He was told he should include a child on the deed to avoid lengthy probate. is this okay, and how is it done? Answer: Certain problems can arise from putting an adult child on a deed. One of the most concerning, is the way the question was worded, it seems
like he would put "one" of his five children, not all. That could create obvious problems of that child not later deeding to the others "their" share, or that child subsequently dying and his/her family having claim to the property. Also, depending on how it is done, it may impact your dad's ability to qualify for Medicaid if needed, or even create a current gift to the child(ren) whose name(s) are on the deed. You need to consult an attorney to fully explore all the issues before you have your father make this decision.
Dean D. Stein, CMA
Nov 19th 2011