IANAL, but having joint ownership with your adult child exposes you, and him potentially to on another’s liabilities. If you want to keep it simple, it seems a Ladybird deed might be better, and just today a thread started on the subject.
Trusts cost money to set up, but allow you to anticipate some future possibilities- does your son pre-decease you heaven forbid, does he divorce/marry/have a child etc. A consult with an estate attorney could be enlightening.
|