Can I add my children to the deed of my condo so they do not have to go through probate to sell it when I die?

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Can I add my children to the deed of my condo so they do not have to go through probate to sell it when I die?

I am sole owner of the condo. Also if I can add them, if I should later refinance my mortgage, do they have to co-sign? They do not live with me.

Asked on August 21, 2012 under Estate Planning, Wisconsin

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You should speak with some one in the area about all of this and who can help you sort through your assets and see what is the best way to estate plan.  It is smart of you to think about it now.  If you add the children with "rights of survivorship" then the property will pass to them automatically upon your death.  If you refinance they may or may not have to be on the mortgage but they will have to sign documents acknowledging the debt.  Good luck.


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