If you are a homeowner in Montgomery, Illinois, you may have heard the following advice: “Just add your child to the deed, and the house will not go through probate!” For many families, the goal of doing this is to avoid the delays and expenses of probate court with what seems like a simple, low-cost solution.
However, while this strategy may appear straightforward, it can lead to unintended legal and financial consequences, making it far less cost-effective in the long run. To give your valuable assets airtight protection, talk to our Montgomery estate planning attorney.
What is the Goal Behind Adding a Child to the Deed?
Most parents who add a child to their deed do so to avoid the probate process after death. In Illinois, probate is a court-supervised process that can take six to 18 months, delay the transfer of property, and result in additional court costs and legal fees. Understandably, many families want to avoid it. However, adding a child to your deed is not the ideal solution.