Most people want to pass the family home down to their children when they pass away, but it’s important to transfer ownership in the right way. There are a few different options if you want to transfer ownership of your home, so meet with a Washtenaw County trusts attorney from our firm and figure out the best way to do it. We’ll discuss your estate, your goals, and all of the important stuff before we help you make any major moves.
Can’t I Just Transfer Ownership By Selling My House to My Kids?
You could, but this is not always the recommended route. If you are moving and want to sell the home to keep it in the family, that’s one thing. If you plan to continue living there, selling the home to one child or all of your children might not be the best idea.
When you sell your home, you’re giving up any control that you had. If your children own the home and there is some kind of falling out, they may not want you to live there anymore and the situation can just get awkward.
What Issues Can Come Up If I Transfer Ownership By Adding My Kids to the Deed?
You can also just decide to put all of your children on the deed to the home. This does transfer ownership, but it comes with its own potential pitfalls. All of the children on the deed would have the rights of a homeowner. This means that conflict could break out after you pass away if there is a disagreement about what should happen to the home or who should live there.
What Are the Benefits of Using a Trust to Transfer Ownership of My Home?
A trust could be the best way to transfer ownership of your home. If you place your home in a revocable trust, you stay in control. You can still pass down the home, but you can also make rules about how this asset is handled. Let’s say one kid wants to stay in the home but the others want to sell. A trust can establish rules that force the child who wants to stay in the home to buy out everyone else’s shares to do so.
Can a Lawyer Help Me With This?
All of these methods have their own potential advantages and disadvantages along with tax implications to consider. This is why we recommend talking to an attorney. An estate planning lawyer can help you figure out the best option for you and your family.
Schedule a Consultation With Our Estate Planning Lawyers
If you are ready to plan for the future and make sure that your beneficiaries are taken care of, work with our experienced estate planning firm. Contact Collis, Griffor & Hendra to schedule a consultation and learn more about what our attorneys can do for you and your family.
