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Should my husband will me the house or add me to the deed? which is safer for me and our child

Should my husband will me the house or add me to the deed? which is safer for me and our child

Full question:

should my husband will me the house or add me to the deed? which is safer for me and our child

Category: Wills and Estates
Subcategory: Spouses
Date: 04/07/2025
State: Ohio

Answer:

Having the deed put in both names may be the safest thing to do as Joint Tenants as Rights of Survivorship. Then whoever dies first the house goes to the survivor outside of the estate. If there are reasons he would rather have it in the Will that is also an option. Other options include trusts but a trust is probably not needed in this situation.

For deeds see https://secure.uslegalforms.com/cgi-bin/survey/questionnaire?US-DEED-CS. This allows you to order deed preparation services for any State in the United States.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Should my parents put me on the deed to their house?

Having your parents add you to the deed can provide you with rights to the property, but it also has potential drawbacks. This could expose the property to your creditors and affect your parents' eligibility for certain benefits. It's essential to consider the implications for taxes and inheritance as well. Consulting with a legal professional can help clarify the best approach for your family's situation.

What is the best way to leave property to your children?

The best way to leave property to your children often depends on your specific circumstances. Options include including the property in your Will, creating a trust, or adding them to the deed as joint tenants. Each method has different legal and tax implications, so it's advisable to consult with an attorney to determine the most suitable option for your family.

What are the disadvantages of adding someone to a deed?

Adding someone to a deed can have several disadvantages. It may expose the property to the new owner's creditors, affect your tax situation, and complicate future sales or transfers. Additionally, both parties must agree on decisions regarding the property, which can lead to disputes. It's important to weigh these factors carefully before making a decision.

What are the drawbacks of putting your home in child's name?

Putting your home in your child's name can lead to several drawbacks, including potential tax implications, loss of control over the property, and exposure to your child's creditors. It may also affect your eligibility for government benefits. Consider these factors and consult with a legal professional to explore alternative options that may better protect your interests.

What happens when you add someone to your deed?

When you add someone to your deed, they gain legal ownership rights to the property. This means they can sell, transfer, or mortgage the property without your consent. Additionally, the property may be subject to their creditors. It's crucial to understand the implications of shared ownership and consult with an attorney before making this decision.

What are the tax implications of adding someone to a deed?

Adding someone to a deed can trigger tax implications, such as gift taxes if the property value exceeds the annual exclusion limit. Additionally, it may affect capital gains taxes when the property is sold. The new owner may also inherit your tax basis, which could lead to higher taxes in the future. Consulting a tax professional is advisable to understand the specific implications.