Many, many unintended problems could arise when you add co-owners to your property. The most obvious is your loss of ownership and control over the property, as the co-owner owns their share now, not after you die. You might become a party to a lawsuit of the co-owner, and you might lose the asset to a creditor of the co-owner. There may very likely be tax implications that must be carefully considered. If the property is real estate, there are many more legal issues that could arise if you add a co-owner. Further, only specific forms of co-ownership will result in a surviving co-owner automatically owning the entire property.
By Esther Schwartz Zelmanovitz
