Should you add your children to your Grant Deed?
Let me start by saying there are many issues and experts you should consult with before making the decision to add your child to the deed of your home. I am not an attorney or an expert by any means. I know of a few resources that might help you in your research phase of this very important question.
Just a few things that I found during a quick internet search that were of interest in this area include:
Is there an increased liability risk when I add my child to my deed?
What happens with capital gains when I die?
Will my property taxes increase?
Proposition 19 which was approved by California voters on 11/3/2020 has some important facts that just might increase your property tax. You should review the website below as it has information on “primary residence”, “vacation homes”, “income properties” and “beachfront rentals.” Then take your time to contact a tax professional, attorney and the property tax department just to name a few. I find it helpful to do my own research before calling in the experts so I have formulated intelligent questions to ask.
In the last month I have had several phone calls with folks wanting to add their children to their deed. My idea in writing this blog was to get you thinking and consulting with experts before you consider adding your children to your Grant Deed. If you know exactly what you want then consider a Legal Document Assistant to prepare your deed at your direction.