What you are proposing can have several legal repercussions affecting a variety of people. This would include your estate plan, an analysis of the credit worthiness of any joint tenant, what your relationship is with the joint tenant and whether there is some agreement in writing that outlines the various terms and responsibilities of the joint tenancy, etc.
If you want to give your parents a "life estate" in the property, then there is a way to include that in a deed when you're adding the other joint tenant. There are several types of "life estate" tenancies in that could be considered. I strongly urge you to go to a real estate attorney who can help you sort through these issues. It is not something that you should try to do by yourself or with just the title company.
This is specific to Florida law and does not constitute legal advice as the facts presented are anonymous and incomplete. This is intended for general education only and does not create an attorney-client relationship. This should not be relied on and you must seek your own attorney client relationship.
Answered on Sep 04th, 2012 at 9:07 AM