The short answer to this question is no. Naming your child as the recipient of your home in your will does not give them any right to your home while you are still living. However, understanding why that is the correct answer requires more explanation.
Title Is Key
When it comes to real property such as a house, the person who has title to (or legal ownership of) the property controls it. The titleholder (owner) can lease, mortgage, refinance, sell, gift, or do anything else with the property. When you purchased your home, you received its title through a deed. This deed proves you are the owner and have all rights to your property.
A Will Is Effective Only upon Your Death
A will is a legal document that specifies what happens to your property upon your death. The key phrase here is “upon your death.” A will has no real legal significance until the time of your death. A will does not change the title (ownership) to the property during your life, so naming your child in your will as the recipient of your home means that they have no ownership rights to your home until after your death. Also, you can rewrite or change a will at any time during your life while you are still mentally able to do so. Your child cannot take you home while you are still alive for these reasons.
A Word of Caution
You are using a will to give your house to your child at your death guarantees that they will have to go through the probate process to complete the title transfer. To avoid probate, some people will put their child’s name on the deed to their home while they are living, with the intent of continuing to own the house while they are alive and passing the home to their child at the time of their death. As discussed above, title to property is received through a deed. If you put your child’s name on the deed to your home, they immediately become a co-owner. As a co-owner, they can do what any property owner has the right to do: lease, mortgage, refinance, etc. So while naming your child in your will as the recipient of your home at your death does not give them the ability to take your home while you are still alive, putting your child’s name on the deed to your home would indeed give them and their creditors – that ability.
Suppose you want to ensure that you maintain control of your home. At the same time, you are alive, your child receives your home upon your death, and they can avoid the probate process. There are estate planning tools such as a transfer-on-death deed or a revocable living trust that can accomplish these goals. We are happy to meet with you to discuss your unique goals and how a tailored estate plan can help you meet them.
At Cheever Law, APC, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, which starts at a valuable and educational Family Wealth Planning Session. The Life & Legacy Planning Session will allow you to get more financially organized than you’ve ever been before and make all the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session (aka Family Wealth Planning Session) to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a 15-minute introductory call today.