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What Are the Pros and Cons of Adding My Adult Daughter to the Title of My Home?
I am a single woman and wish to add my daughter's name on the title of my home with right of survivorship. What are the pros and cons?
While we can’t go into all the details here either of the pros and cons or the various alternatives, the main advantage of adding your daughter’s name to your house is that doing so will avoid probate and make it easier for her to take possession upon your death. The main disadvantage is that the property will be subject to claim for your daughter’s debts and could even come into the picture if she were to get divorced.
For more on the different ways to co-own property, click here.
For more on joint accounts, click here.