Set Age Deed For Free

Your parents can put your name on the deed to their house. Many people might see this as a simple method of estate planning. However, it may be a bad idea.

New York law does not allow minor children to legally assume ownership of any property left to them in a will or inherited through intestacy. This means that if a child is to inherit property, it has to be managed or controlled by a competent adult.

Loss of control. If you add your child to the deed or financial accounts, you lose control of your property and your money. If you want to sell or refinance your home, your child will have to consent. Moreover, if you decide you want to remove your child from the deed, he will have to sign a quitclaim deed.

Adding a child to a deed of house means that the child has an ownership stake in the house and is therefore entitled to a portion of the proceeds if the house is sold.

Please do not let them put your name anywhere on this house. Not the mortgage, not the title, not anywhere. You will lose your first time home buyers benefits if they do, you will be liable for the mortgage if anything happens, and you would need to be off the mortgage before being able to get your own one day.

By putting your name on the papers, you are now responsible for the financial liability of it. So legally, you are responsible for payments on the mortgage and taxes. If your parents suddenly decide they don't want to make the payments, the bank and/or government will be coming after you, not them.

It is not uncommon for minors to become owners of real property via inheritance or as distributees under a will in Texas. Minors (persons 18 years or younger) are generally considered incapacitated persons without the right to contract and cannot effectively sign a deed conveying title to real estate.

If neither you or your husband are on the title to the home, you can add one or both of your names to the title and become co-owners with your parents.