<p>I assume that you’re planning to live a long time. Given that, it seems that it would be highly risky to give equal ownership to the kids. You never know what might happen. Just a few scenarios have arisen so far that are all pretty negative (accident, lawsuit, divorced spouse, bankruptcy). It seems it would be a lot of safer to set up a trust and have a good will. </p>
<p>When FIL died (no will), H inherited his half of parents’ estate. To avoid problems with house, MIL gave my H full title to the house in exchange for all liquid assets with the right to stay in the house as long as she lives. She is responsible for taxes, insurance, repairs, etc. on the house, but it will be his with no inheritance taxes, probate, etc. upon her death.</p>