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  1. #1
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    Jan 2020
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    Default Wanting to Pass My Share of My House to My Son

    My question involves real estate located in the State of: Nevada. My husband and I are co-owners of a house. Upon my passing, 100% of my assets go to my son. Upon my husbandís passing, my sonís step-father, he is leaving his dividends from all his investments to me and then to my son, but the principal does not get transferred, it goes to charity after all three of us are deceased.

    My concern regarding the house is that I want my son to receive my principal of the equity not just a dividend if I were to pass away before my husband. If I were to pass away first, my husband becomes 100% owner of the house and then if he sells the house, my son will never get that equity in principal, just the dividends off of it. My question is how can I add my son to the deed or some other approach that makes him 50% owner of the house rather than my half automatically going to my husband.

    Thanks for any advice you can offer.

  2. #2
    Join Date
    Oct 2006
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    Default Re: Wanting to Pass My Share of My House to My Son

    Quote Quoting Ajcwg18
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    My question involves real estate located in the State of: Nevada. My husband and I are co-owners of a house. Upon my passing, 100% of my assets go to my son. Upon my husband’s passing, my son’s step-father, he is leaving his dividends from all his investments to me and then to my son, but the principal does not get transferred, it goes to charity after all three of us are deceased.

    My concern regarding the house is that I want my son to receive my principal of the equity not just a dividend if I were to pass away before my husband. If I were to pass away first, my husband becomes 100% owner of the house and then if he sells the house, my son will never get that equity in principal, just the dividends off of it. My question is how can I add my son to the deed or some other approach that makes him 50% owner of the house rather than my half automatically going to my husband.

    Thanks for any advice you can offer.
    If the deed of the house is joint tenants by the entirety or joint tenants with right of survivorship then there is nothing you can do as long as the deed remains that way. The deed would have to be changed to tenants in common so that each of you had separate ownership of your share of the house. In that instance, you would be able to will your share of the house to whomever you would like.

  3. #3
    Join Date
    Mar 2013
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    17,624

    Default Re: Wanting to Pass My Share of My House to My Son

    Quote Quoting Ajcwg18
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    Thanks for any advice you can offer.
    Consult an attorney who does estate planning. What you want to do is complicated and it's a bad idea to add your son to the deed. There are numerous sources at this search result that will tell you why.

    https://duckduckgo.com/?q=why+it%27s...&t=ffab&ia=web

    A Revocable Living Trust may be a better route.

  4. #4
    Join Date
    Sep 2010
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    19,496

    Default Re: Wanting to Pass My Share of My House to My Son

    Very complicated. You see, in most cases, if you were to die first, then your husband is free to do what he wants with the property on his death (and vice versa). If you want more control, a trust may be the only option. However, as AJ points out, this is a very complex issue and in addition to dealing with your estates, there are other issues you probably would be advised to look in to (advanced medical directives, POAs). Most who handle such things can wrap this all up in a neat little bundle after interviewing you and your husband as to your respective desires.

  5. #5
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    2

    Default Re: Wanting to Pass My Share of My House to My Son

    Quote Quoting llworking
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    If the deed of the house is joint tenants by the entirety or joint tenants with right of survivorship then there is nothing you can do as long as the deed remains that way. The deed would have to be changed to tenants in common so that each of you had separate ownership of your share of the house. In that instance, you would be able to will your share of the house to whomever you would like.

    What about a beneficiary deed, would that work in this scenario?

  6. #6
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    Oct 2006
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    Default Re: Wanting to Pass My Share of My House to My Son

    Quote Quoting Ajcwg18
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    What about a beneficiary deed, would that work in this scenario?
    That would not work if the house is currently held as tenants in the entirety or joint tenants with right of survivorship. A beneficiary deed would not override that unless both owners were parties to the beneficiary deed.

  7. #7
    Join Date
    Oct 2014
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    Default Re: Wanting to Pass My Share of My House to My Son

    Quote Quoting Ajcwg18
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    My question involves real estate located in the State of: Nevada. My husband and I are co-owners of a house. Upon my passing, 100% of my assets go to my son.
    Is your husband ok with that? If not, that may be a problem since most states provide that your husband has the right to elect against your will and take a statutory share of your estate.

    Quote Quoting Ajcwg18
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    My question is how can I add my son to the deed or some other approach that makes him 50% owner of the house rather than my half automatically going to my husband.
    The easiest way to do that is to ensure that you own the home as tenants in common (TIC) with husband. If you do that then your share of the home does not automatically go to him the moment you die as it does when you own it together as joint tenants with a right of survivorship (JTWROS). As Nevada is a community property state it does not recognize tenancy by the entirety (TBE) form of property ownership. However, the fact that Nevada is a community property state may complicate your efforts a bit here.

    If you want to get this right, see an estate planning attorney in your state. The attorney can guide you in what is needed to ensure your wishes are carried out. But be advised that it may be that you'll need the cooperation of your husband for some of it.

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