Should my house be transferred to my 4 children’s name before my death?

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Should my house be transferred to my 4 children’s name before my death?

I have 4 children and am leaving all of them the house to sell. Should I put in one or all names now?

Asked on October 11, 2018 under Estate Planning, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

If you give them the house now, they can avoid the time and cost of probate--and they will own and control your property NOW. That means they could potentially sell your house while you are living there; potentially (if you don't stay on the deed/title, too) force you out of the house; potentialy mortgage it or use it as security for a loan; possibly move themselves or others in; etc. And if any of them are sued and lose, their interest in or share of the house could be subject to a lien. Is it worth giving up some or potentally all (if you take yourself off the deed) control over your home now, to save your children from going through probate? That's what you need to ask yourself.


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