I own two rental properties and wondered if there would be any advantage to putting my adult daughter on the deed with me?

Asked in Massachusetts

Does the fact that my daughter is on the deed make it easier for her to sell the property when I die?

ANSWER BY MARGARET CROSS-BELIVEAU:

Yes, adding a child onto a deed will avoid having the asset go through probate. However, it does comes with risks. What if your daughter predeceases your? Do you want it to pass to her surviving spouse or held for her children or another of your family?  What if her children are still young? What if she is sued or divorces? She now owns your assets as well. Her creditors can take away what she owns.

You should consider placing the real estate in a trust to avoid probate. The transfer of ownership after you death is just as seamless as joint ownership without the risks. A trust will also plan out what happens to the assets if she passes before you.

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Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.

Beliveau Law Group: Massachusetts | Florida | New Hampshire

The estate planning attorneys at the Beliveau Law Group provide legal services for probate, estate administration, and trust administration. The law firm has offices and attorneys in Naples, Florida; Waltham, Massachusetts; and Salem, New Hampshire.

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