Should you add your children's names to the deed to your home?

Flavia: Hi, I have a question. I am 72 and I have a home that's paid off. I have two grown-up children, and my friend told me that if you don't have a mortgage on your house, you can put your children on the deed and that that will avoid any kind of probate or anything like that. I don't know if that's true or not, but the second part of this question is what would be the best way for me to make sure that my kids have the house and that it goes legally to them?

Attorney Tom Olsen: Okay so Flavia, the answer to your question is yes it's true, but it is bad advice, Flavia.

Flavia: Tell me why?

Attorney Tom Olsen: Do not do not add your children's names to the deed to your home. If they got sued, worked up a million dollars in medical bills, had a terrible automobile accident, got divorced, didn't pay their income taxes, filed bankruptcy, their creditor will be coming after your home because their name is on a deed to your home. Flavia, at the Olsen Law Group in Orlando, we're all about helping people to avoid probate. The good news is, we have a much better tool to avoid probate for you. It's called a Lady Bird Deed. This Lady Bird Deed would state that as long as you're alive, it is your home to do with as you please, no restrictions whatsoever, but when you pass away your home would automatically go to your children, no headaches, no hassles, no probate.

Flavia, what you and your son were really getting at is, "Mom, how do we avoid probate on your home?" Well, we got a perfect tool for you, it's called the lady bird deed, Flavia.

Flavia: Lady bird deed. Thank you so much. That's great to know.

Attorney Tom Olsen: You're welcome, Flavia, we have a free booklet on lady bird deeds. Chrissie, tell her about it.

Attorney Chris Merrill: Absolutely. Flavia, for you and all the listeners out there that are interested in having more information about the lady bird deed, you can go to our website at olsenlawgroup.com, and right there on our home page you can see a picture of that Lady Bird Deed booklet, you can put in your first and last name and mailing address, and we will get that free booklet out to you.