Estate Planning: Don't Go On Title

My name is Taivi Tayler, and I am a practicing Certified Financial Planner in the Province of Ontario. I help retirees grow their wealth, and plan to protect their legacy. 

In my work with clients, it is often suggested that the elderly homeowner put their adult child on title of the primary residence. There are a multitude of reasons as to why this is a terrible idea for everyone involved, except in a very strict situation. 

Here are my rules for putting an adult child on title:

• Rule 1, that adult child should be the ONLY beneficiary of the estate.
• Rule 2, that adult can’t own their own home already.
• Rule 3, that adult child has to want to live in their elderly parent’s home, in that location
• Rule 4, the adult child needs to have mental capacity to care for the home
• Rule 5, the adult child needs to have independent resources to financially care for the home and it’s ongoing upkeep

If you can’t check all the boxes, don’t do it. Otherwise you’re just going to create an estate disaster.  There is a better way to manage this situation.   

We help retirees to grow their wealth, and plan to protect their financial legacy. 

Please reach out if your elderly loved one needs professional financial planning guidance on how to put their estate plan together. At Tayler Insurance & Estate Planning, our solutions are simple and tax efficient.