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Originally Posted by Spartan86
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.
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Totally agree. There are a few scenarios that could make the OP and/or his family members vulnerable. I’d get a simple trust for the house only to avoid probate. You can also get your POA and living docs done while you are at it. It should not be more than $500-600. We had a great experience with Sham Shanawany.