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Adding people to your house deed, particularly as joint tenants with right of survivorship, can help avoid probate and facilitate property transfer upon death. This means that if one owner dies, the other immediately owns the property outright. However, a significant drawback arises if the property has appreciated in value; the new owner inherits it at the original purchase basis. For example, if a house bought for $100,000 is now worth $1,000,000, transferring it this way means the new owner’s basis remains at $100,000, potentially resulting in a large tax liability on capital gains if sold. Thus, while convenient, this method can have financial implications.