Legal Question in Real Estate Law in Missouri

Re: How many people can be added to the title of a home

This can be done as an estate planning tool but not advisable. There are better methods. I can help and discuss alternatives or other means of accomplishing your mother's wishes. Call me at 314 725-8000 to discuss.

Greg S.Kessler

[email protected]

www.Injurylawstlouis.com

Re: How many people can be added to the title of a home

The short answer is that your Mother can put as many people as she wishes on the title to her real estate. There is no legal limit to the number of owners one piece of property can have. However, and this is very important. it would be a hugh mistake for your Mother to add all of her children on to the title. If she does so, and then at any time before her death wants to sell the property, or refinance it, or rent it out, or do any number of other things with the property, she will need the agreement and signatures of all of the other owners. It is hard to imagine ten people, eleven counting your Mother, agreeing on everything and cooperating on everything that may need to be done. There is also the substantial inconvenience that would be involved. Also, unless you are extremely close to all of the siblings, the logistics might present other problems. Finally, what would happen if one of the ten died before your Mother? Would that person's interest just disappear into thin air? Or, would that person's interest pass to any children of that person? The law would answer some of these questions depending upon whether the ten were added as "joint tenants" or "tenants in common". Would each person own an undivided one-eleventh interest in the property, or would each person own one-eleventh of the property outright, and if so how do you divide the property? After your Mother died all ten survivors, or whatever number of owners there might be at that time, would have to agree on what to do with the property and all of the above problems would resurface. If your Mother's only concern is to pass the property to her children upon her death, Missouri authorizes the use of a "beneficiary deed". Under such a deed your Mother would retain all of the rights of ownership she currently enjoys. She can sell the property if she wants to, or needs to, during her lifetime. she can rent or lease the property. She can use the property as a source of income under a "reverse mortgage". She can do anything she needs or wants to do. When she dies, the people listed on the "beneficiary deed" will own it completely outside of probate court. But, these people will still face all of the potential problems discussed above. I have handled many of these situations over the years. In many cases, we draw up an agreement that one person will be named on the "beneficiary deed", and that person will sell the property and divide the proceeds up amoung the appropriate parties. Everyone does need to sign this agreement, but then everyone except the person selling the property can sit back and wait for their share. There are other possible solutions that make much more sense than adding ten people to the title. If you would like to discuss this further, you may call me for a free telephone consultation at 314-727-2822. If I can't help you myself, I will refer you to someone who can!