Usually not. You may want to do so because you wish to avoid
probate and have your children be secure in the knowledge that the home is
theirs. Further, they may have promised to let you live there as long as you
want or can.
WARNING! If you give up all ownership in your home, you no longer
have a right to live there.
Your children may display selfishness and greed that you would
have considered unthinkable, but we know it happens all the time. What are you
going to do if the house is sold out from under you?
And what if the owners experience serious debt problems and the
creditors go against the home (remember, you no longer own it)? Where will you
live after you’re forced out?
Please don’t misunderstand. Most children would not abuse a
parent’s trust, but are you willing to bet your home on the belief that such
trust will not be violated? The
temptation of money can cause even loved one to do things “out of
character”. There are better options
which may allow you to “have your cake and eat it, too”. I will discuss those
in next week’s blog.
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