That said, adding a child as a co-owner can create problems after your life ends. Once you're gone, those assets most likely become hers, regardless of what your will specifies.
Surely your daughter wouldn't thwart your wishes. Still, it's best not to present the temptation. Instead, give her power of attorney to manage things should you become incapacitated, or put assets in a revocable trust and make her the trustee.
That won't eliminate all the tensions that can arise after you're gone, but it'll help, says Sacramento trusts and estates litigator Edward Corey.
The prudent conclusion: Use a trust or power of attorney. You also need a health-care proxy and a living will.
Last updated January 17 2008: 5:45 PM ET
