What are the pros and cons, risks and benefits to adding an adult child to title to your home?

Joint ownership is an effective way to transfer property on death. In fact, from an estate planning perspective, it is the most effective way to transfer property on death, as assets which are jointly owned are not considered to be assets of the estate and are therefore not subject to probate fees. Efficiency and the desire to avoid probate causes many people to consider adding an adult child to title to property; however, doing so comes with a host of other risks which, in the end, might outweigh the benefits.

For estate planning purposes, how you own property is just as important as what you own. There are two types of ownership available for land titles purposes in B.C. You may own property either as a joint tenant or as a tenant-in-common. What is the difference? And what type of ownership is most suitable to your situation?

There are several factors you need to take into account in order to make a decision that is best for you.

When a loved one dies, sometimes their will leaves little or nothing to their spouse or common-law partner. In British Columbia, understanding who qualifies as a “spouse” and what rights flow from that status can mean the difference between receiving an inheritance and having no legal standing at all.