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Legal Ease
Legal Ease, Lawyer
Category: Canada Law
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Wjust made a will. But before the will, the father had our

Customer Question

Wjust made a will. But before the will, the father had our oldest daughter put on the title. She is very responsible and older than her age. The father wants the daughter's name removed from the Title. I told my husband that she will do whatever the will states. He disagrees, saying there could be a fight. We have two quarters of land, with both of us dead, it is to be split 4 ways meaning the kids have to sell if it's money they want. Myself, I would like to keep my daughter's name on the title. Then I know our wills would be done on how it states in the will. Isn't it better to put all kid's names on Title. If their name is ***** ***** the title, they have to sell in order to get money (we have 2 money hungry girls). Don't they have to pay Capital Gains tax and all outstanding debts including the land Taxes and income tax. What do you think we should do?
Submitted: 1 year ago.
Category: Canada Law
Expert:  Legal Ease replied 1 year ago.

If all their names are ***** ***** they still have to sell to get their money.

You do avoid probate fees if at least one name is ***** *****

But you are correct that the daughter may be stuck with Capital Gains Tax when the house is sold if this is not her principle residence.

There could be fights either way I assume.

The estate will have to pay income taxes and not the owner of the house.

So there are pros and cons to having a child's name on title as an estate planning tool.

Expert:  dianne-cssm replied 1 year ago.
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