The cheapest and easiest method is to deed the property from you to you and her in joint tenancy. This avoids probate court. You should consult with an attorney, however, as this may have ramifications as to other issues that you have not identified, such as existing encumbrances, or a reverse mortgage.

I would be reluctant to recommend placing it in joint tenancy because of the impetuousness of youth. It makes sense to create a living trust to avoid probate. In addition, if you decide to change or add a beneficiary, it's much easier to accomplish, rather than to attempt to secure your grandchild's agreement to revert title.

As for taxes, you should speak with a tax advisor. Your grandaughter would have to pay the property taxes once she becomes the titleholder.

I concur with Mr. Cohen. I had clients who suggested that they place the beneficiary on title to the home as a joint tenant. This do- it-yourself estate planning is imprudent to say the least.

First the hypothetical joint tenant, your granddaughter, could force the sale of the home in a partition action even if you objected. Second, if your granddaughter ever incurred debt, creditors could attach a lien against the property making it difficult to sell the home. Third, there are gift tax implications that require the assistance of a CPA or enrolled agent. Fourth, assuming you have owned your home in Campbell for awhile (my office is in the 95008 zip code), you want to make sure that the beneficiary might be eligible to keep the low assessed value of the home for property taxes.