What are the advantages or disadvantages of adding my name to my father's home?

A fellow caregiver asked...

What are the advantages or disadvantages of adding my name to my dad's house deed? My mother recently passed away, the house is paid for and they had a revocable trust, which I am the sole beneficiary and power of attorney for them. We live in Indiana and if he should pass away, would it make any difference to leave as is anyway?

Expert Answer

Barbara Repa, a Caring.com senior editor, is an attorney, a journalist specializing in aging issues, and the author of Your Rights in the Workplace (Nolo), now in its 10th edition.

First doublecheck the trust document. The prime reason most people set up living trusts is to pass valuable assets free from probate—and their houses are usually included as one of the most valuable assets they possess.

If the house is covered by the trust, there is no reason for you to be on the deed, too, since the house will automatically pass to you as the trust beneficiary.

If for some reason the house is not covered by your dad’s trust, encourage him to add it, as that would be the most efficient and least costly way to arrange for it to pass to you.