Being added to deed

[becky20]

Filed bk13 in July - still waiting for confirmation based on some issues we've had getting the cram down of our vehicles completed (CU is fighting it). originally planned to keep the house but now planning to give it back to the bank and rent. My parents are buying the home and we will rent from them. They are talking about putting my name on the deed so if they were both to die in a car accident that the house wouldn't be tied up in probate.

Is this something that could be done? Would I have to notify the trustee? I mean, it's not my property, not an asset of mine unless my parents were to both pass away. What issues could doing this cause?

[optimistic1]

You would need to notify the trustee that you are now renting instead of buying, especially if you were claiming expenses like "upkeep or home maintenance." Also, if your current "rent" is less than you were paying for in your expenses when you originally filed, then you would need to change it.

Your question is kind of vague of the specifics of your expenses. Could you clarify?

[becky20]

I'm confused - my question just has to do with being added to a deed of a home...

I have already notified the attorney that we're going to be moving and renting, this question just has to do with repercussions of my parents adding me to a deed "just in case" anything happened to them...

[justbroke]

I'm confused - my question just has to do with being added to a deed of a home...

I have already notified the attorney that we're going to be moving and renting, this question just has to do with repercussions of my parents adding me to a deed "just in case" anything happened to them...

Simply placing your name on the deed does not satisfy probate in any way. You have to use the correct technique to avoid probate, whether that's joint tenancy or a living trust.

The only other concern for me would be how much equity is in the property, how much is covered by exemptions, etc, etc.

That's about all I can help you with. The key is, make sure you avoid probate!!!