People often say “home is where the heart is,” and for many people, this is true. A home is filled with memories, whether it be scratches on the wall designating a child’s different heights over the years or graduation photos on the walls. People feel extremely sentimental about their homes. As a result, many parents wish to pass their homes on to their children in the event of their passing. Luckily, you have a few different options when it comes to your home. Read on to learn more.
How do I Pass on a Home to my Children?
There are four different options available to you when creating an estate plan in order to leave a home to your children. This includes the following:
- A will: This allows you to choose who you wish to inherit your assets, such as a home. All assets in this document will go through probate. Probate is a court-supervised process for ensuring the transfer of assets to a beneficiary is in accordance with the terms of the will. However, it is important to note that any debts you owe will have to be paid first.
- A living trust: This allows you to transfer the home to the trust and to manage and benefit from the asset. While this avoids probate, outstanding debts still need to be paid. A trustee is appointed to make decisions regarding the assets and handle any beneficiary conflicts.
- Joint ownership: Owning property jointly with another person can mean the property will pass to that individual upon your death. This should be done carefully, as it can sometimes cause certain issues.
- Transfer on death: In some situations, you can name a beneficiary to receive property upon your passing, allowing you to continue holding the property in your name and avoid probate.
Do I Need an Attorney?
When it comes to estate planning, it is always best to work with an estate planning attorney. Estate planning can be complicated and if you tackle it on your own, things can go very wrong. For example, estate planning documents have to be created and filed a certain way. If this does not occur, your plans may become invalid, leading to a lot of trouble for your loved ones down the line. An attorney can help you with all of your estate planning needs, create a comprehensive plan, and create and file your documents correctly.
Contact our firm today to speak with an experienced estate planning attorney.
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.