What happens if you give your house to an adult child?

Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t. Transferring your house to your kids while you’re alive may avoid probate, the court process that otherwise follows death.

What are the pros and cons of adding my adult daughter to?

What Are the Pros and Cons of Adding My Adult Daughter to the Title of My Home? I am a single woman and wish to add my daughter’s name on the title of my home with right of survivorship. What are the pros and cons? Download our in-depth guides on elder law topics.

Why do you want to add an adult child to your home title?

There are a number of reasons why someone might want to add an adult child to his or her property.

What are the benefits of gifting a house to a child?

Assuming it’s an appropriate thing to do, generally there will be some sort of immediate or long-term benefit to the recipient. Gifting property to your children or grandchildren while you continue to live there doesn’t provide immediate monies in the capital sense, but it might allow your children to raise funds by leveraging some of the equity.

There are a number of reasons why someone might want to add an adult child to his or her property.

What happens if you give your house to your child?

They could be sued as a result of a motor vehicle accident and their interest in your house becomes attached. There is also the possibility your child would die before you. You could end up paying inheritance tax on the portion of your own home gifted to your child.

What are the pros and cons of adding a child to the deed?

You should meet with a financial adviser or estate planner to determine what you want to accomplish. They can advise you on your options and the pros and cons of each. Adding a child to the deed of your house can create complications and may not achieve your goals in the long run.