Best Estate Planning Attorneys in Chesterfield, MO

New post: Pitfalls of Adding a Child to Your Home's Deed - As estate planning attorneys here at Beck, Lenox and Stolzer Estate Planning and Elder Law, LLC, we have witnessed many parents consider adding a child to the deed of their home with good intentions. They often view this as a simple strategy to ensure that their property seamlessly passes to their children without the complexities of probate. However, this well-intentioned move can lead to numerous unexpected complications and financial burdens. This article explains the pitfalls of adding a child to your home's deed and why it might not be the optimal choice for your estate plan. UNDERSTANDING THE BASICS: WHAT DOES ADDING A CHILD TO A DEED MEAN? To begin, let's clarify what it means to add a child to the deed of your home. By doing this, you are legally transferring partial ownership rights to your child. This action is commonly perceived as a method to circumvent probate. However, it is imperative to understand that it also entails relinquishing a degree of control over your asset. LEGAL IMPLICATIONS OF CO-OWNERSHIP When you add your child to the deed, you are not just avoiding probate; you are creating a co-ownership situation. This means your child gains legal rights over the property, equal to yours. Such a shift in ownership can have significant legal ramifications, particularly if you need to make decisions about the property in the future. PROBATE: IS AVOIDING IT WORTH THE RISK? Avoiding probate i...