ADDITIONAL INFORMATION:
I have two children. I am the only one purchasing the house and I am not married. What type of deed would be best for me?
ATTORNEY ANSWER BY MARGARET L. CROSS-BELIVEAU:
You should always consult with an estate planning attorney as there are many options. Which one you pick depends on your age, your financial situation, and the ages of your children and grandchildren.
If you add other people as joint owners on the deed, you will be making a gift to them. This means that your ownership will be subject to their creditors as well as future divorces. If one of your children predecease you, you have no control over who inherits your child’s ownership in your property. If you want to sell the property during your life, all the owners must agree. The proceeds of the sale will be divided among the owners. Also, a joint owner has the right to sell his portion of the property. If you did not buy the interest back, the joint owner has the right to force a sale of the property on the open market. [Read more…]