HOUSE CALLS

Q: My husband died, and I want to add the names of all my children to the deed to save them any problems when I die. Is this a good idea? And what type of attorney do I use?

-- L.

A: Any lawyer can help you sign a new deed making your children co-owners. It's a simple procedure.

When you ask if this is a good idea, though, the answer is nowhere near that simple.

I'd have to know about the size of your estate, the age of your children, the state of their marriages, the financing on your home, your age, your plans and more.

Even then, I couldn't say whether it's a good idea. But I'll mention a few things that could go wrong:

• If you ever wanted to sell your house in the future, you'd have to get the signatures of all the owners. Same thing if you wanted to place a new mortgage on it.

• Any one of the owners would have the right to force a sale of your property.

• If one of them had a judgment placed against him or her, the lien could be recorded against your home.

• If one of them died or got divorced, you could end up with an in-law as a part owner.

• If one of your children is a minor, you might find yourself dealing with a court when you wanted to sell.

• If you did sell, you could use the tax-free home sellers exclusion on only part of any profit. Each of the others would be entitled to a share of the proceeds and would owe tax on their share of the gain.

All in all, it's much simpler to draw up a will leaving the property to your children -- with the added advantage that a will can be changed later, if something else changes.

Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope). Or readers may contact her at askedith.com or edithlank@aol.com.