Should I add my children’s names to my property titles?

Adding children’s names to property titles may add complication instead of smoothing the way on your death. Adding children can sometimes trigger unanticipated tax consequences; for example, as presumably this property would not be your children’s principal residence, unintended capital gains could be assessed. Adding more owners now could also create obstacles to your own ability to sell the property (in the rare situation where children oppose such a sale). In addition, if you have significant financial assets aside from property, your estate will require an application for probate or administration in any event. There are all things to think about before changing ownership. Discuss this question with your accountant, too, as they would be more knowledgeable with respect to those tax implications. If you have questions about your estate plan, please contact us.