Legal Question in Real Estate Law in California
Adding the daughter's name to the deed
My parents own an apartment. They have a will that I will inherit it. And now, they want to add my name to their deed. Could they do that, or how to do it?
3 Answers from Attorneys
Re: Adding the daughter's name to the deed
It might be better if they were to create a living trust. That way, when they both are gone, you would inherit the house. In the meantime, they would be able to do whatever they want with the house without having to obtain your approval -- like refinancing in case they need $$, etc. If they put you on the deed, it could complicate such things. Right now, with just a will, you would have to probate their will to become the owner of the house.
In any case, to transfer the property, they would have to execute a grant deed granting it to them and you. How you hold title would be important, too.
Although I am sure you are reliable, the danger of holding it jointly is that the joint tenant could sell the property out from under the other. That's why a trust might be the way to go.
Re: Adding the daughter's name to the deed
The main reason for NOT doing this is that it almost always has adverse income tax consequences for all concerned, including the younger person put "on title." Inheriting, by will or through a trust, is almost always better for all concerned. The family members should seek tax and elgal advice from an estate planning attorney.
Re: Adding the daughter's name to the deed
Yes they could but it could have serious negative tax consequences.
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