I am 64 and buying a new home, should I put my daughter's name on it so if I die she gets it?

Question

I am purchasing a new over 55 home by myself. I am 64.  My daughter is 33 and I am wondering if I should put her name on it in case I die then it becomes hers.

Norman Green · Answer

No.  If you die not married and she's your only child, she'll get it.  You can avoid probate by putting it into a trust.  If you put her name on it now, then it is hers now.  If she suffers financial misfortune her creditors can take it.  Simple example, she has a tragic traffic accident, and her insurance is not enough to cover all damages.  And if you still are interested in putting her name on it now, read Shakespeare's King Lear.

Georges Shers · Answer

In general, the answer would be no. When you die, the property takes a stepped up basis as to taxes so she will not have to pay any capital gains taxes on the house. Giving her the house or a portion of it may cause problems with our homeowners association age limitations [do both owners have t be over 55 or just one, can the homes be rented out ]. What happens if you daughter for some reason develops a great dislike for you or has a spouse who hates you, or suggests that because they have hard economic times they need to sell the house [she can file for portion and get the court to sell the entire house]. I know you feel it will not happen, but it does.

James Frederick · Answer

This depends on a number of different factors, but I would suggest that simply adding her name to the title is not the best way to handle this. In Michigan, lady bird deeds can accomplish many objectives, inexpensively and simply. That would be my initial suggestion, but I would want to review more facts with you.

Thomas Phipps · Answer

You can.  However, she will become an owner and the property will be subject to her creditors.  As an alternative, you can file a beneficiary deed.  Upon your death, it automatically transfers to her, and you own it until you die.

Ernest Kim · Answer

It is great that you are making plans to protect your daughter.  Your investment in your home is important and while there are ways to put your daughter on title with you as a joint tenant so it passes to her upon your death without probate, I strongly recommend that you seek the advice of a trust and estate attorney before doing anything. First, your over 55 association may have rules preventing co-titling with your under 55 daughter. More importantly, except in very limited circumstances, I never advise that a parent put their children on title to the parent's property because in the majority of cases the parents come to regret doing so.  If your child is on title to your property, she becomes an owner of that property with rights to it the moment her name is added.  Among other things, that means your home could be subject to her debts, creditors, divorce issues, etc..  As a co-owner with you, she will need to agree and sign off for any sale, mortgage or other transaction concerning the home.  If she does not agree, you will have to resolve it in court.  These are just a few of the problems we have seen arise from parents "putting their child's name" on title.   While your relationship with your daughter may be good right now, there are many instances where the parent-child relationship deteriorates when property rights and responsibilities are at issue.  I wish you could speak to my clients who have lost their homes over their children's problems.   There are other ways available to you -such a making a will or trust - that give you 100% control while you have the ability to make decisions, and still provide that the home to pass to your daughter upon your death.  Seek out the advice of a trusts and estates attorney before doing something as important as giving away part of your home.

Victor Waid · Answer

You should consult with an estate planning attorney as to the best course of action, for (pros and cons) prior to consummating your thought about putting your daughter on the title. There are long term consequences(good or bad) when you put your daughter on the title, basically losing control of your right of disposition of the property if needed before death.

James Maguire · Answer

That's probably not a good idea.    If your daughter's name is on the deed but she does not live in the home,   you would only get half of the homestead exemption. If your daughter got   into financial troubles, her half of the house could be lost to creditors.   Just leave the house to her in a will.

Richard Keyes · Answer

In Missouri, we would advise you to do a beneficiary deed on the house.  A beneficiary deed would have the house go to your daughter upon your death. If you wanted to sell the house before you died, then you would not need your daughter's permission.  However, if you put the house in joint names with your daughter and you wished to sell the house before you died, you would need her permission.  Also, if you put your daughter's name on the house and your daughter got divorced, this would be an asset in her divorce.  If you buy the house and it is subject to a note and deed of trust in Missouri and you do the beneficiary deed, upon your death your daughter gets the house subject to the note and deed of trust.  See an attorney for additional estate planning.

David Leon · Answer

You can do an enhanced life estate deed, or you can leave it to her in your will.

Edward Armstrong · Answer

I would recommend not putting your daughter's name on it. What you can do is have a beneficiary deed prepared giving the home to your daughter on your death. This leaves you free to do anything an owner would normally do during life without having to have someone else sign off. The deed, once prepared, is recorded in the Recorder of Deeds office for the country where the property is located. The deed does not take effect until your death and then all that needs to be recorded is an affidavit reciting that you have died and that the property (use the legal description that's on the deed that you receive when you buy the property) and that (your daughter's name) now owns the property. This type of affidavit usually is only a page. The affidavit can be signed by your daughter in front of a notary after your death.

Brian Haggerty · Answer

It usually is not necessary, or advisable. Leave a will. You are not "putting your daughters name on" the property: you are giving her ownership of it. If she has tax or debtor problems, your house gets liened. Also, if you have other children, do you want to leave the house just to one of them?

Jayne Sebby · Answer

Putting another person's name on the title of your home may prevent you from modifying or selling the home down the road and, worse case scenerio, possibly enable the other person to sell the house without your permission.  Furthermore, a "over 55 home" may have restrictions on who can own such property, including your daughter because of her age.  There are other ways to transfer property after death that avoid all of these problems.

Thomas Edward Gates · Answer

You can transfer the property, tax free, after your death.  The problem she will have is the inability to live there since she is younger than 55.

Mark T. Peters · Answer

It is one way of doing it.  Of course, if you put her name on it, she now owns half the house.  If you really want to do estate planning, perhaps you should consider having the property deeded to you with a life estate and the remainder in your daughter.  That way she gets it if you die.  The problem with that is if you need to sell the house at some point to pay for your long term care, you will only be entitled to the value of your life estate, which won't be much.  All in all, why don't you just leave it to  her in your will.  That way, she gets the stepped up basis for the house when you die.  Probate is not necessarily a bad thing, especially if you plan for it.

Bernard H. Greenberg · Answer

No, you should not put her name on the property. Your best approach is to consult with your CPA and your estate planning attorney before taking this action.

Nathaniel Landman · Answer

In Missouri, one can use a beneficiary deed to pass his/her house to whomever they wish upon his/her death. This deed allows for transfer to your daughter upon your death and at the same time does not allow her present rights to your house, thus protecting you and your home from her creditors or any claims against her. You keep full control of your home while living, you can even sell it without her consent and if you still own your home upon your death, it automatically passes to her free of any court proceeding like probate.

Christine James · Answer

You should do an estate plan leaving the home to her when you die. If it is 55 and over, and she is not 55 at the time you pass, she will have to sell it.

Ben Liu · Answer

This is one option, but there may be better options, like a trust. Also, can a person who is not 55 or older own the home? See an attorney to discuss all options.

Dara J. Goldsmith · Answer

Many more facts are needed.  This is not a simple question.  You should discuss your estate plan with an estate planning attorney.  By adding her now you risk the property being attached by her creditors, it may affect your homestead rights and may impact Medicaid eligibility.  Many people prefer to use a Pay on Death deed, as it has less risks to you. Discuss these options with an attorney before moving forward.  The attorney will address your specific situation.  This information is only intended to give general information in response to an inquiry.  It does not establish an attorney client relationship.  This response is only based upon the limited facts presented and is merely intended to assist you in determining if you should contact an attorney to provide you with legal advice.

John Brennan · Answer

That depends on you asset structure and possible liabilities.  I would suggest you confer with a lawyer about your plans, desires and estate planning.

Eric Lewis · Answer

Not a bad idea if you and your daughter are close and trusting.

Kathleen Delacy · Answer

Are you selling another home to buy this one?  If no other assets and you should need nursing care and/or apply for Medicaid within 5 years, they will consider the home your asset.  That is one way to avoid probate if you own home jointly, so there are pros and cons for doing this.  Make sure you can trust that your daughter will abide by your wishes with your home.

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I am 64 and buying a new home, should I put my daughter's name on it so if I die she gets it?

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