The lawyers have come back to tell my husband that they cannot include my name until when he is signing until after the whole deal has been closed. Comments will be sent to 'servicebc@gov.bc.ca'. A co-hab agreement usually covers more than just that, so maybe a co-hab isn't what you're looking for. It would seem, based on what you've said, that a quick agreement between them, which doesn't have to be fancy, would save everyone a lot of trouble and money in the future.Lynne. What can I do plus if somethi g were to happen we want to make sure that myself and are daughter can stay in the home and just continue payi g the mortage also be able to leave the house to the chiildren when we both die so what can I do and is this true can both names go on title and one on mortgage in canada Ontario? If the kids can't afford to pay the capital gains tax on the cottage and the cottage is not available to be sold, then other things in the estate will have to be used to pay the tax. As executor for your father's estate, you can transfer his property as directed by his will. Now, for clarity, I want you to understand that this is a possibility for you, but I am not recommending it. But since this is not my first rodeo, I have to ask: did she help you pay for it? What is ramifications of me adding my name to title. If the property you refer to is your home where the two of you live together, and if your partner wants you to have the property for yourself, then consider having your partner add you as a joint owner of the property. This account was their moms, the only deposits her pensions. To change your property title, you need to: Add your spouse to your tax deferment agreement; Request your property title be changed Add your spouse to your tax deferment agreement. Am I correct in thinking there would not be capital gains if I went on title and the probate fee of 1.4% would not be an issue because it is my principle residence. Here one for you. If your home is owned free and clear, then you'll just need to complete a new deed in both names that will replace the current deed. If he's on the mortgage too, that's another story.Lynne. However, if you make any other changes to the owners on your property title or transfer full title to your spouse, you'll need to repay your tax deferment loan first. She is my only beneficiary. In this case the people feeling guilty were not the actual guilty parties. Her name is also on title as a joint tennant however it was mentioned that upon her death her portion goes to her estate which I believe is not reflective of a joint tennancy agreement. He didn't want to add me in a mortgage payment and stuff like that but the mortgage broker told him if he wants to add my name on title then I should be included to the mortgage. Contact "Service BC" (see the website below) They're kind of the general enquiry start point for people with questions that need answers from the Government. I would continue to live in it. Lynne is the author of 10 books about estate planning, and one book about legal history. Why would this be the case and if my partner died before her, what would happen to our joint tennancy? Or do you have other suggestions? Can it be done at anytime or is this a question that I should be asking a bank?" I haven't seem anything written about this so its probably a rare situation. My father in law helped with the downpayment (less than 20%) and put his name on the deed with my wife. Here's what I gather from the question: 1. In my view, you're at risk anyway because you have two extra people on your title, either of which could cause you to lose your cottage due to their divorce, car accident, or being sued. Will the creditors be able to put a lean on the house? 2 Answers. What should I do to be safe because I have another two kids.How much the cost of the lawyer to add my son and transfering the mortgage.If you any ideas to get any loan without adding my son.Thanks for any advice. But say I die first, and my spouse remarries or takes a common-law partner; is there not a danger then that she would come to inherit at least some of the estate? Similarly, if you buy property from someone with whom you do not deal at arm's length, and the purchase price is more than the FMV, your purchase price is considered to be the FMV. This is such a stressful time for her emotionally, physically and I wanted to try to take some of this burden off from her, But after reading your very informative posts. The other kids in the family think the person does not own it. The lawyer is saying that once your husband owns the property, he can add you as an owner if he wants to.Lynne. Half will go to the wife. Being an only child doesn't protect you from getting divorced or declaring bankruptcy, etc. A year after the will is written, unknown to me at the time, it was considered a good idea to have my other siblings name on the principal residence as a joint tenant. Putting your spouse on title (adding them to the ownership) is a simple process. Well, I'm not a banker so I can't give banking advice. She is working since last 8 years with very good pay. Or should we just leave it alone, with her bequeathing the cottage and property to me in her will? In NL, the spouse automatically get the house. Parents if for no other reason, consider all of your family members before making such a huge mistakes. Don't rely on general information as if it were legal advice. This would be a good time for you and your partner to talk to an estate planning lawyer. Click or tap to ask a general question about COVID-19. Lynne,It isso nice that you are helping people in this way. Hi lynn you mention the mess :) in my case I am an only child. Thank you. My question is is it true as a married couple if we want to joint and both be owner my name should be on the mortgage as well? He said that I could sign a specific form that will allow me to put my daughters name on my house and bank accounts that indicate it is only for estate planning and she cannot sell my house nor could her creditors touch my accounts. My husband evades the topic about Wills, Deed, POA or life insurance policies for the both of us, calling it as a biggest scam. Answer Save. Our will would then specifically state to leave it to them. If I buy a house in my name, then in a few years I want to add my wife/common lay partner to the title of the house, what is the process? However by doing so, you are doing more than just adding a name. On your death, that tax is payable from your estate. In BC you have to file an electronic FORM A land transfer at the Land Titles Office to add someone’s name to your property title. What the parents need to do is write and notarize a gift letter that clearly documents that the title of the property was to remain with the adult child after the death of the parents. Ontario estate taxes will have to be paid regardless, however I st want to now if it s prudent to add our daughter to title legally now rather then her name not being shown on the deed. Guys, I would like to add my wife to the ownership of the house we are currenlty live in. The title to a parcel of real property details the property's ownership. You should call a local title company, make an appointment to get the deed transferred to the one that will own the house. In 2016 my husband obtained his mom's Power of Attorney, but because the account was joint with his brother the bank denied the power of attorney unless the brother joint on account gave permission. Because this is our matrimonial home, should a anything happen to him, the house will be transferred to me. Hello Lynne, Just reading your blog, wealth of information.My mother recently passed away.We are in the process of clearing the contents in her home. Also, one of the keys to making any agreement stand up legally when it's between parties who are non-arm's-length.Lynne. Do I have any rights without deeds? This process is not about if you have changed your name and just need to update your name on title. She provided false documentation to a court to get an interim order to sell my house and within 2 weeks had disposal bins removing all of my personal belongings - essentially throwing out my entire life (tools, memorabilia, clothes, computers, work, books, etc). Would it be possible to change the deed for the Canadian property to a joint tenancy deed for my mother and me? He used the money from the sale of their home to purchase a home in Nfld.My sister and I had great concern should he meet someone new who didn't have the best intentions or their own financial means to support themselves therefore becoming dependant on my father for everything including his home and property.So we thought in order to protect him from any kind of ill will we suggested he put one of us on the dead of new home at which time he decided to put both my sister and I on the deed. Well, I would never be so foolish as to advise someone on the basis of a few lines of text to divorce her husband or not. Those articles are either from another jurisdiction, are out of date, or are simply wrong. Do you have any disabled siblings? Will they be able to agree on who uses the cottage at any given time? If it were really that simple, everyone would not now be in court fighting about joint property.Lynne. I don't have all the facts so I am not advising you on whether it's a good idea. Lynne is a lawyer, mediator, seminar presenter, and writer based in St. John's, NL. I realize its a risky thing to add your adult child to the title deed of a primary residence, but what about a secondary residence? They were not together long enough to be common law. 2. What would be the best approach you would recommend? Relevance. Once you "add" her, she has the same ownership rights that you do and it's no longer just yours. I do not want that to happen. So tread carefully.Lynne, I like to know what is joint tenancy.AlsoIs there a time line after a court probate the estate to pay the beneficiary.In my case the court probate is done the executor was told he had to sell one table.The lawyer said after the table is sold and the money is in the estate account then the court will sign off and the estate money can be distributed.I am moved that the court gave the executer 10 % of the estate and paid two lawyer both 1600.00 from a 30,000.00 estate.I thought the court would be fair, Hi Richard,Joint tenancy is a way of owning an asset by two or more people. If the lender approves the transfer, you can proceed with your deed. "Everything I have read indicates that when a parent adds a kid to the house (right of survivorship), after the parent dies the house automatically then belongs to that kid. I'm investigating the finances because I find issues and need to fix them. We still own our first home in Ontario we bought in the 60's and our adult child has been living there and taking care of the expenses for decades. If the home has a mortgage, you'll need permission from the lender before you make any changes to your title. You already have a document that will allow you to sell the house on her behalf and which obligates you to put the proceeds into her account. There is no reason for you to OWN the house in order to sell it for her. On Papers, his accountant shows his business income as a split between my husband and I, to avoid paying too much tax. They now split up. Is there any reason to put my name on the deed and mortgage besides to accrue debt and have my name on a piece of paper that entitles me to the house anyways? Some of us still do that. The named sibling on house resides in a foreign country and has for over 20 years.It has been the general understanding among the siblings, there are 4 in total including myself, that moms will would split the real estate between myself and the named sibling as we are the youngest of the four and the two eldest already own their own houses. I put my elder son as Right of survival ship on title .Also wrote my intention that it should be given to him He has his own principal residence What are the consequences or it will go smooth after my death.Is it better to add my 6 years old grand son instead, Hi RQ,No, a 6-year-old can't own real estate.In terms of things going smoothly, it sounds as though you are trying to ensure that the property goes to your son without disputes. In some places, that makes you equivalent to a legally married couple and in some places it does not. I dont have a spouse and my kids are 16 and 18 years old. We apologize, but this video has failed to load. He has now met a lady 10 years younger and are now talking about marriage . Hi Lynne.I have a mortgage on a home with my partner as joint tennants. Lynne, the goal is to have time to clear out the unoccupied (15 years) house owned by my 97 year old aunt, still of sound mind, for whom I have sole POA for property, joint POA for health (with a cousin) and I am an executrix, joint with yet another cousin, who is an executor. Practical, real-world information about wills, estates, inheritance, executors, and elder law in Canada. Hi Lynn, I'm not sure if you are tending to these questions in this difficult and uncertain time. We don’t think this would be in anyone’s best interest. Hello,My Mom put my Sister and I on the Deed to her home over 20 years ago. What if you need to add someone to a title to avoid abutting properties to merge in Ontatio? On the bare facts, no, you don't have to give her anything. I was devastated. The lot has been partially developed in that we have cleared the land and has a septic system added already.I would be willing to build a house and let them use it as co-tenants. Hi Lynne, My husband and I recently bought a house together and I provided all the down payment for the house. Hi Lynne My partner got a heritence and purtrace a home. I know this is an old question but your answer seems lacking of the basic component. Please don't call my office for free legal advice. I am removing my name from the house and mortgage for personal reasons and my father will be adding his brother instead because my father does not have an income. *Don't provide personal information . Recently, the step-mom informed the Dad’s 3 boys that they are now responsible for paying probate based on the value of the family home (appraised at his time of death). For tax reasons, I also want to avoid putting the house under a corporation. The facts as you've given them don't quite hang together. The things you are reading used to be right. I have a question regarding my father's situation. My father has a verbal agreement with his brother that he is really the only owner. She has since passed away. As per the previous comments our mother put her four daughters on the title on her home.We were told that it does not go through probate. If your son gets divorced or is sued for some reason, you could lose the house.I'm not a banker so I can't give any ideas about how to get a loan without adding your son. We visit there every year from BC for a month or so, but that is it. A good place to do free legal research is www.canlii.org, which is run jointly by the provincial law societies.Lynne. Just make sure your intentions are written down and known to avoid problems.Also consider tax. and I When owners appear as joint tenants on a title, the surviving owner is automatically entitled to ownership of the property (unless the title specifies 'no survivorship' in the ownership structure). He does everything for her and loves her dearly. Yes, if you pass away your spouse could enter a new relationship and that could well end up with the new person inheriting from your spouse. People also refer to transferring a name on title as changing names on title. Im on the other side of the road here. Perhaps it's a conversation you could have with your accountant, too.Lynne. The difference is that you can have an agreement just about the property, or you can have a co-hab agreement that could potentially cover every asset you own or will get while you're with her.Lynne, Here I am replying to my own reply, but I want to add that you cannot think about this as simply "adding" her to your title. Thank you for your article and taking the time to respond to all of our questions. Seems to me that either of those things, even though legally they are opposites, could be described as "estate reasons". Is her will valid? Our lawyer indicated on the new title that the reason for the transfer was for estate reasons. All balances to the bank ie mortgage, credit cards etc are paid. Please understand that giving legal advice is what I do for a living and like most people, I can't afford to work for free. And if we do that - am I correct that I will then owe non-resident capital gains tax on the increase in the property's value from 1959 until whatever year my mother passes away? Five years of bank statements revealed a lot about his younger brother, lump sums over the years had been transferred from his mom's account to accounts in his brother's name. Adding my name to the condo or writing up a contact with a notary to state that I own half of the condo? Once your spouse is added to your property title, they're equally liable for the entire loan balance. If you intend for another person to have your property upon your death but you intend to keep it during your lifetime, you do not need to add the other person to your title now. How and when to set up an estate bank account. If it was a principal residence, there will be no capital gains tax when the title leaves the parent.Lynne. Will such a document hold up? I think we can both agree that their solution might work for them but in no possible way protects you.Lynne. Hi Lynne,We are residents of Delaware,in the US. I suggest you contact a lawyer who does real estate transactions. I am currently the only name on my homes title and looking to make some changes to my mortgage plus get a loan from the bank, the bank is requesting i add my wife to the title to help secure the amount of the loan. One of its most important features is a right of survivorship, meaning that when one owner dies, the other one owns the asset. If the property is left to someone in the will, first the will has to be probated.If your partner is able to, it would be a good idea to get a new will done. Seems like money grab to me. I bought a house in 2001 at just 19 yrs old with a pen and scrap paper. I could not believe that my Lawyer, any Lawyer, would have suggested that. (not really a 'kid', probably middle-aged by this time).This would be the first I heard of anything different, but I admit I never know where to look.Also, what would be the point, then, of adding a kid to the house deed if after the parent death it becomes part of the estate anyway?And further, why warn people off doing it if it makes no difference when they die for having done it? Lynne, A couple questions...In a reply above you stated, "This only changes if there is independent evidence that the parent actually did intend for the asset to go to the child for that child's own use. I live in Toronto, Ontario, Canada. If his mother really is a joint tenant and she dies first, there is nothing to go to her estate. We are not divorced. A deed transfer may trigger a full payment on your mortgage. If I die before my Mother who will inherit her money? Also, I'm not working now.If you could explain to me I would appreciate! Is there a matrimonial home? I live in Ontario. I really don't find it from your article. She thought if he was on it that no one could stop him once she passed. Lynne, It is not a comet but question. I'm answering on the interpretation that he's the only name on the title. It causes delays while they try to figure out how a will that says they each get an equal share works when one gets the house. The house has both our names on it. There may not be risk for the bank but there is for you. Title Search, Execution Searches, Title Insurance are definitely work that would need to be done by your lawyer and therefore disbursements incurred. Merry Christmas, friends. we have recently bought near fredericton nb. He is excluded from my will. I am unsure whether anything was done to change the deed for the Canadian property after my father's death or not - or if it even needed to be?My mother has lived with my husband and me here in Delaware since the 3 of us purchased a house in joint tenancy in 1993. 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