When a parent adds a child to the title to their property is that child a 50% co-owner or a Trustee for the parent?
It all depends upon what was intended.
So, the answer really is to get this documented and avoid an possible confusion,
What should the parent be signing? It should be a document called:
“Joint Tenancy Statement of Intention”.
Going forward everyone will then know the intention. It was simply to attempt to reduce the estate administration tax of 1.5% per dollar value, or $15,000.00 on a $1 million home, or perhaps, the child was the true and ultimate beneficiary.
Brian Madigan LL.B., Broker