Q: My parents want to add me as a beneficiary to our house but don't want to use a lawyer. Other option available?

A: Sure, you can 'wing it' and see if what you do might work and spend tens of thousands in legal fees straightening things out when it doesn't work as expected. You could use an 'on line' legal service based in Taiwan and again gamble that what you get will do the job. You can go to an office supply store and buy 'forms' that again might or might not work under the state law where the property is located, hope you record things properly and cross your fingers that the $40 form does what it claims to do. And again, be prepared to spend many thousands fixing the problems that invariably pop up.

OR you could go to a local lawyer who actually handles real estate matters, and can provide you a PROPER deed and transfer paperwork (usually it is MORE than just a deed or 'naming a beneficiary' ....), will do it right the first time, and will stand behind the work he does. And local matters! Every state's laws are different, and local areas often have 'common practice' that if you don't know about will make things difficult!

"Penny wise and pound foolish" is the phrase that comes to mind. This is a HOUSE for goodness sake. Spend a few hundred to make sure it is done right — you'll be far better off.

-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.

I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice

A: I agree with everything my Michigan colleague has stated. Specifically to California, I would add that we have some unusual tax benefits here that are lost or impaired if home transfers are not properly handled. Many California residents have been in their homes for decades and, because of Prop 13, have not had their property taxes significantly increased. Those values can be transferred to certain other individuals, but it must be handled properly. As well, because of Prop 58, parents can transfer property to children and preserve the low property tax rate. There are also considerations of capital gains taxes when the property is sold. An estate-planning attorney takes all these factors into consideration before advising a client as to the best course of action, as the consequences of a wrong choice can be very costly--far more costly in fact that the cost to hire an attorney to do it correctly.