Sometimes it is best if your home does go through probate.
Putting your child’s name on the deed of your home may avoid probate. However, it is almost always a very bad idea because of the risks involved, according to My Prime Time News in “Deeds and Probate Avoidance.”
The problem is that by putting a child’s name on the deed, the home becomes an asset for the child. Any creditors the child has can put a lien on the home.
It also has the potential for adverse capital gains tax consequences for the child, should the home be sold after you pass away. This is an example of the method of probate avoidance not being worth the potential costs.
An estate planning attorney can advice you on creating an estate plan that can avoid probate but also avoid the risks of a non-probate solution.
Reference: My Prime Time News (Jan. 29, 2018) “Deeds and Probate Avoidance.”
