Q: My father put my sister and I in the will to split his home. He alsor put us both on the deed. I am now being told that
Being on the deed is a bad idea and will cost more money in the long run. Is this true?
A:
There are several different ways to include someone on a deed. Some of these ways are smart, with little risk to the original owner while others can create issues and unintended negative effects.
One of the least risky and most cost effective deeds is an enhanced life estate deed. Most of the time a life estate deed (where the original owner retains powers and the property passes automatically at death of the original owner) will cost dramatically less than passing the same property through a Will.
For specific answers, the planner should consult with skilled counsel who can explain the options and the associated pros and cons of different ways to transfer real estate to family members.
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