Should you add your child's name to your deed?
You should not add your child's name to the deed to your property.
Attorney Tom Olsen: Mary, you're on news at 96.5 go ahead.
Attorney Tom Olsen: Hey.
Mary: What I'm calling about is I would like to find out, I have one living daughter who's married and I own my home. It has a mortgage on it, but I would like to add her to the deed under rights of survivorship. If something should happen to me, the house would just continue on.
Attorney Tom Olsen: Yes. Mary, I've got a much better tool for you. First of all, I'm going to tell you not to do what you just said. Why? Because if you add your daughter's name to that piece of property and she gets sued, works up a million dollars in medical bills, doesn't pay her income taxes, files bankruptcy, has a terrible automobile accident, her creditors are coming after your home because her name is on your deed, so don't do it.
As an alternative, we have a much better tool for you called an enhanced life estate deed, also known as the ladybird deed. This is a deed that I would prepare, it would state that as long as you are alive, it is your home to do with as you please. When you pass away, the home will automatically pass to your daughter, no headaches, no hassles, no probate.
Mary, I agree with your thinking, you want it to go to her automatically, no probate when you pass away. Adding her name to the deed is not the way to do it, you do it through a ladybird deed. Christie, are we mailing out booklets these days?
Attorney Chris Merrill: We are. We are happy to mail you a booklet about the ladybird deed, and you can call or text me at 407-808-8398. You need to text me your name, first last name and your mailing address. We are happy to get that booklet out to you. Again, just as Tom said, it is a great tool for avoiding probate on your home or any real estate here in the state of Florida.