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Loss of Full Control Over the Property Once you add someone to the deed of your home, they legally have partial ownership of the property. This means you can't make certain moves without their consent. For example, if you wanted to sell the house, you and your spouse have to both sign-off.

The beneficiary designation under UTMA/UGMA must include the name and identifying information for the custodian, the child's name and relationship to the insured, and the name of the state act. Generally, only one custodian and one minor may be named in each designation.

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.

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.

The original property owner adds a new co-owner by recording a deed that transfers the property to the original owner and the new co-owner. The deed must choose a form of co-ownership that includes a right of survivorship.

If your name is on a deed to a house, then that means that you are the property owner. Having your name on a deed means that you have property title, which represents a set of rights you have as a homeowner.

Adding A Family Member To A Property Title Choose the most appropriate deed. Prepare the deed. Complete the deed with accurate information about the property and the person being added. Sign the deed in the presence of a notary public. File the deed with the county recorder's office. Update the property records.