Best Estate Planning Attorneys in Lees Summit, MO

Is Adding a Child to a Home Deed Okay? - _ Adding a child to your home deed can trigger unintended consequences._ People tend to choose the easiest option at the moment. Sometimes, selecting this option is harmless, like grabbing the first shirt in your dresser drawer. Other times, it can be the best option for you, like hiring a plumber to fix the sink rather than spending valuable time trying to solve the problem while making the issue worse. Note to file: plumbers are really (really) expensive on weekends and holidays. Please do not ask me how I know this. Just trust me. Choosing the easiest solution can also have significant negative consequences, such as not spending the energy to buckle a seatbelt. While adding a child to a home deed may seem like a simple solution for transferring property, the action can prove costly. Although many people believe this action is an easy way of avoiding probate, they often do not understand what this action means. [Adding a child to a home deed can lead to greater liabilities. ] Exploring alternative estate planning strategies for adding a child to a home deed is wise. WHAT DOES ADDING A CHILD TO A HOME DEED MEAN? Adding a child to a home or other property deed transfers partial ownership rights to this adult child. This legal action can both reduce your control of the asset and open it up for risks related to co-ownership. What are the legal implications of co-ownership? Although probate can legally be bypassed for thi...