Q: I own my home outright in MI. I'm 70, want to leave it to my wife and 2 sons. My name is the only one on the deed.
Can I just add their names to the deed. I hear a living trust cost $2500. Wouldn't adding their names be the cheapest easiest way?
A:
There are far less expensive and more appropriate ways to accomplish your pal, but ‘just putting their name on the deed’ is not one of them.
Please consult with a local estate planning attorney to review ‘ladybird’ deeds or other options. Sometimes a will us counterintuitively better than a trust — sometimes a trust is ‘just thee we thing’ and often there is a third option. Don’t go to a ‘one trick pony’ and expect advice. If the only tool they have is a trust that is what you’ll get. Find an experienced licensed attorney in your area who can help you through the process.
— this answer is offered for information only and does not constitute legal advice or create an attorney/client relationship. Seek local legal representation if you need further advice.
Nina Whitehurst agrees with this answer
A: The simple answer is to do a lady bird deed. However, it does provide any incapacity planning or asset preservation from a nursing home. Here is a link to an article. Don’t discount the advantage of a living trust. Yes the fee may be close to $2,500 but it also includes health and financial durable power of attorney, pour over will, funeral designation, lady bird deed and proactive planning for incapacity. Link to n article on lady bird deed. https://1drv.ms/b/s!AndhkMfdML7liaMMtCM5WMBUA4hvWA
Nina Whitehurst agrees with this answer
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