Q: About 10 years ago, due to health concerns, I created a deed that I found online and added my daughter’s name to my home. I thought this would be a good idea in case something were to happen. Now I want to sell the house and downsize to a small condo, but my daughter won’t agree to sign unless I give her a portion of the proceeds. Is there anything I can do? — Millie
answer: This is a common situation. A quick search on the internet will give you plenty of ideas for getting around the complexities of probate and proper estate planning. However, some of these ideas have serious consequences.
For example, many web experts talk about “empowering” children and even offer common forms for achieving it. While it’s good to plan for your eventual death and spare those you leave behind the expense and hassle of probate, estate planning is a serious matter.
Using the wrong tools or writing the wrong documents can have serious consequences. Recording a deed in the public records changes the ownership of your property and should not be done lightly.
In addition to unnecessary expenses and tax implications, when you transfer ownership of your property to another person, that person becomes a co-owner.
Your daughter’s name is also on the title to your property, so you’ll need her help to sell it. This may mean convincing or bribing her.
If she is not being reasonable about the situation, you may have to sue her for “split.” This is a type of litigation in which a judge divides ownership of real estate by examining how the property was purchased and maintained and determining what determines ownership. The fairest way to split things up. Eventually, her daughter could be removed from the title, but perhaps only after great expense and setbacks.
An estate planning professional may have recommended other options for avoiding probate and leaving your estate to the heirs of your choice. There are ways to achieve your goals without giving up control of your assets during your lifetime, such as revocable trusts and enhanced life estate deeds.
Of course, these solutions must be configured correctly to work as desired. An experienced attorney can help you consider the best options for your particular situation.
Gary Singer, a certified real estate attorney, writes about industry legal issues and the housing market. To ask him a question, email gary@garysingerlaw.com or visit SunSentinel.com/askpro.