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    karen62361's Avatar
    karen62361 Posts: 1, Reputation: 1
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    #1

    Aug 20, 2008, 06:51 AM
    Adding names to deed of house
    My house is paid for and we want to add our kids names to the deed, how would we go about doing that?
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #2

    Aug 20, 2008, 06:55 AM
    At the top of the Real Estate Law forum is a sticky post entitled "How to add someone to your deed". It explains the process.

    https://www.askmehelpdesk.com/real-e...eed-91136.html
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Aug 20, 2008, 08:54 AM
    Be aware that if you add children's names to the deed, you will be making a gift to them of the value of their share of the house. You may then be liable for gift tax on this value. You would be better off consutling an estate planner for the best way to do this.
    deedgrabber's Avatar
    deedgrabber Posts: 34, Reputation: 4
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    #4

    Aug 20, 2008, 09:53 AM
    Outside of any tax issues involved, it's quite simple. Considering the fact that this would be for no consideration (I'm assuming), there should not even be transfer taxes.

    You need to get a quitclaim deed prepared, from your husband and yourself, to your husband, yourself, and your kids. It might be wise to list everyone as "joint tenants". This means that should someone die, their interest is eliminated from the property without probate.

    If there are many kids, or even if only 2, you might want to consider getting a trust set up. This will keep the title consolidated in one name, and instructions can be put into the trust telling what to do with the property under different circumstances (death of one or more beneficiaries, etc)

    I would use a lawyer to do this but it should be inexpensive.
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