Legal Question in Real Estate Law in New York
change ownership of house to children
are there any legal problems in changing deed/ownership of my house to children. will this avoid probate and how do i go about this
1 Answer from Attorneys
Re: change ownership of house to children
The answer to your question depends on the age of your children. You can not do an outright transfer of ownership on the deed to minor children (those under the age of 18) unless it is transfered through a Trust.
If your children are of majority age, you can transfer the property to them alone or keep your name on the deed as well, holding it in a joint tenancy with them, which can give the children survivorship rights to avoid probate.
Other issues concerning the transfer would be whether or not their are mortgages or equity lines on the property.
Feel free to contact my office for a free consultation.
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