If you wish to leave your home to your children in the event of your passing, it is important to go through the proper channels. Read on to learn about the various options you have when it comes to leaving your home to your children.
How can I ensure my children get my home?
You can leave your home to your children through the following options:
- A will: A will is a legal document that allows you to declare how your assets should be divided in the event of your passing. You can leave your house to your children in your will. But, there are some complications with this method. For example, any debts you owe when you die will have to be paid first. If you have numerous beneficiaries, each will inherit an undivided interest in the home. Beneficiaries will have to work together, which can be difficult depending on sibling relationships.
- A living trust: A living trust permits you to move the home to the trust. A living trust sidesteps probate and the related expenses, but outstanding debts will still need to be delivered first. Luckily, any potential for conflict between beneficiaries can be managed by selecting a trustee as the decision-maker over the assets.
- Joint ownership: Owning property together with another individual can help ensure that 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 be problematic, so it is best to speak with an attorney before choosing this option.
- 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.
In order to determine the best route to take, it is important to work with an experienced estate planning attorney. Contact our firm to discuss your options with a skilled and dedicated attorney.
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Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.
