 |
Cousin Moved In |
| |
 |
I am a single owner of a house. My cousin has moved in with me and we want the house in both names. Do you see any problems? |
| |
| |
 |
It's easy to make your cousin half-owner. You just sign a new deed naming the two of you, and have it entered in the county's public records.
I'm not sure what sort of problems you want me to discuss.
You do realize, I assume, that once you make the gift, you can't take it back even if your relationship changes in the future. Your cousin would have the right to force a sale of the property even if you didn't want that, and would be entitled to half the proceeds if ever you did sell. Depending on how the deed was written, you might lose the right to leave your half to anyone you wanted, with your cousin becoming full owner automatically if you died. Or on the other hand, again depending on the wording of that deed, your cousin might have the right to leave his or her half to someone else in a will, so you could end up co-owner with a stranger.
In addition, if your cousin ran into trouble -- perhaps an auto accident resulting in a judgment for example, large unpaid bills, or extended health care -- judgments could be placed as a lien against your the property.
Those are all the worst things I can think of. Of course I don't know anything about your situation, so I can't advise on what you should do. You may want to consult a lawyer who specializes in estate planning. |
| |
|
Edith
Originally published on September 17, 2007 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
