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Depending on how it is done, it can raise your property taxes, increase your liability, and create a situation where you need to ask your kids for permission to sell or mortgage your home. That said, properly doing this can be a great planning tool to accomplish specific goals.

Your daughter is suggesting that you include her in the ownership of your home. Jointly owned property can be shared in three ways.

The default type of joint ownership is known as “tenants in common.” Each owner owns their part of the property individually. The co-owners can each have the same shares, for example, each owning half, or they can agree to a different arrangement. When one owner dies, their share goes to their heirs, typically through the probate court.

Property can also be owned as “joint tenants with right of survivorship.” With this type, each person owns the entire property without any division from the other owners. When one owner dies, the entire property remains with the other owners, and the deceased’s heirs inherit nothing.

The final form of ownership, called “tenants by the entireties,” is similar to this but is reserved for spouses and offers additional advantages reserved for married couples.

Other options, like a life estate or lady bird deed, will allow you to maintain more control over the property while alive but still avoid probate when you pass.

The varied choices can make this all seem confusing, and to some extent, it is. An experienced estate planning attorney can help you sort through this and find the best solution for your family.

Property estate planning often proves the adage that “an ounce of prevention saves a pound of cure.”

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation. Follow him on Twitter @GarySingerLaw.

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