Estate-planning attorney Mark Kohler explains why adding a child to your home's title is risky. Once they're a co-owner, you need their signature to refinance or sell. If they face a divorce or lawsuit later, your house could be at stake.
You just put a child on title. You're going to be losing some control of your home. You don't own it yourself anymore. What if you want to refinance? What if you want to sell? What if you want to change the plan? Let's say that kid's in a really bad marriage and you're like, uh, I better redo my estate plan. I gotta undo that. That's an asset of his. You're going to need your children's signatures to do any transaction that involves your home. Keep in mind, it's an asset of theirs for right now.
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