Happy old couple

Sharing ownership of your home with your child to avoid probate is still a bad idea.

Joint tenancy of your home with your child quickly becomes a bad idea when the child has a creditor who can attach the home to pay off the child’s debts, according to the Napa Valley Register in “Can new wife inherit home?“. However, there are other potential issues you can face.

In this case, a married couple added their daughter to the deed as a joint tenant. The wife passed away, which made the father and daughter co-owners of the home. The father then remarried to a much younger woman.

The daughter refused to give up ownership and allow for a new deed allowing the new wife to inherit the home. When the father passes away, the daughter will inherit the home and be free to throw the new wife out if she wants.

An estate planning attorney can advise you in creating an estate plan that takes into account your family’s unique circumstances.

Reference: Napa Valley Register (April 5, 2018) “Can new wife inherit home?

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Mr. Amoruso concentrates his practice on Elder Law, Comprehensive Estate Planning, Asset Preservation, Estate Administration and Guardianship.