I want to make sure that my children receive my home when I die. Is it a good ideal to add their names to the deed for my home? Never! If you add anyone else’s name as an owner of your home, then your home becomes vulnerable to their problems. If the other person gets sued, divorced, goes bankrupt or dies and leaves their share to someone who does not care about you, your home could be lost in a lawsuit, foreclosure, bankruptcy or the other person’s estate. That is just too much risk for you. Consult with an experienced Elderlaw attorney before taking such a step.
-Attorney Jack N. Alpern