To ensure that your children inherit your home in the event of your passing, do not wait to reach out to a skilled Woodland Hills, California estate planning attorney today. Our legal team is on your side.
What steps should I take to ensure my children get my home?
- A will. With this legal document, you can permit an individual to decide who they would like to inherit their assets. All assets included in a will go through probate, which is a court-supervised procedure for ensuring that the transfer of assets to your beneficiaries is in compliance with the will’s terms. However, any debts you owe when you die will have to be made first. If you have numerous beneficiaries, each will inherit an undivided interest in the home. This indicates that they have to compromise on its disposition, which might be challenging if any siblings are estranged.
- A living trust. This permits you to move the home to the trust and to operate and benefit from the asset. A living trust sidesteps probate and the related expenses, but outstanding debts will still need to be delivered first. Any potential for conflict between beneficiaries is managed by selecting a trustee as the decision-maker over the assets.
- Joint ownership. Owning property together with another individual can show the property will pass to that other owner in the event that you pass away. However, owning property jointly with people other than your spouse can cause issues and should be chosen carefully before you buy the property.
- Transfer on death. In many circumstances, you can select a beneficiary or beneficiaries that can obtain your property in the event of your passing. This option allows you to keep holding the property in your own name and avoid probate altogether.
Our firm understands how stressful creating an estate plan can be. Nonetheless, it is essential that you take this important step so that you can be sure that your children will be able to profit from your assets when you are not around anymore. With the help of a qualified estate planning attorney, you can feel more relaxed knowing that our legal team will help you navigate each step of the process and make sure that you and your desires are fulfilled. Reach out to our firm today to get started with our competent legal team.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.