Legal Question in Wills and Trusts in Colorado
Adding a name to a deed, joint tenants with rights of survivorship
My mother has a will and has stipulated that my sister and I are to split everything 50-50 when she dies. My mother wants to add my name as a joint owner on her house, so as to avoid probate. I am single and my sister is married with children. The reason she wants to do this is that my mother and sister travel alot and if my sisters name was in joint tenancy with my sister and they are in an accident and my mother died first, and then my sister died, the house would end up in my sisters estate and I would loose my 50% of the house. Could you please address any pros and cons of this issue and possibly recommend if this would be wise to have my name on the house as a joint tenant. One assumption you can consider, is that my sister and I will be able to get along in the property settlement upon death of our mother and we will share everything 50-50. Thanks in advance for assisting us with this issue.
1 Answer from Attorneys
Re: Adding a name to a deed, joint tenants with rights of survivorship
A much better approach is for her to create a trust and then transfer the property to the trust. The trust can have the provisions that she wishes for the disposition of the property.
This approach must be carefully analyzed based on her financial position and the possible need for eventual long-term care.
She should engage an attorney who is experienced with these matters to assist her.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
