Another Reason to Not Put Children on Your Deeds or Accounts [video]
When you put somebody else’s name on the deed or account their problems become your problems and that can cost you your home and money!
Here’s another reason not to put your children on the deed or the bank accounts.
I’ve spoken in the past of the dangers of putting your children’s name on the deed to your house or accounts.
Danger, such as
- Ruining your shot at Medicaid or making the Medicaid application much more difficult
- Exposing your home and accounts to their creditors and medical bills that can cost you and your home and money
- Exposing your assets to any of their financial problems, and that can cost you dearly
Now, here is another reason to keep your children’s name off the deed and accounts.
If something were to happen to your children, then their children will inherit your children’s part of the house or money, while you are living. You suddenly own your home with their heirs.
This can lead to all sorts of headaches and frustrations for you. It exposes you to even more people’s financial and legal problems. If they want their cut of your house in cash, they can ask a judge to “partition” the house. Since a house can’t be split into pieces, if the judge agrees, then the house will be ordered sold and the money distributed.
Remember when you put somebody else’s name on the deed or account you’re accepting that their problems become your problems and that can cost your home and money.
Fortunately, there are better ways to handle leaving your house and accounts to your children. Ways that don’t put their name on the deed or account, doesn’t require a trust, protects your home from Medicaid, and avoids probate.
I’m Gary, the founder of DeWitt Law. To learn more click the link below…