Joint ownership means you don’t have to go through probate. However, the risks are high—very high.
A parent will sometimes decide to add a child to the deed to their home and that means an equal share. It also means that if the child has creditors, they can seek to make claims against the home. However, that is not the only reason it is a bad idea, according to The Columbus Dispatch in “Adding child to house title has risks.”
One potential problem is that if more than one child is added to the deed of the home, the property might not pass as the parents intended, if one of the children predeceases their parents. The surviving child would become the sole owner, when the parents pass away. This would leave nothing for any children or other heirs of the child who passed away first. There are also many potential tax problems that can result from adding someone to the deed of a home.
An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and may include passing on your home to your children with little risk.
Reference: The Columbus Dispatch (May 13, 2018) “Adding child to house title has risks.”