Your family home is one of the most valuable assets, which is why it needs to be considered when designing your estate plans. As a parent, you want to maximize the inheritance that is passed to your children. But, without the proper financial strategy, it’s possible that your heirs could lose out on the possible inheritance.
Options for Leaving Your Home to Family
As you are working with an estate planning attorney, you might discuss the following options to ensure that your home is passed on to your children:
Living Trust: Consider setting a trust right now so the home can be transferred to the trust immediately. Creating a trust can be an effective way to avoid probate and other associated expenses. A trustee can be appointed to act as a decision-maker when the assets are distributed.
Will: Writing up this legal document is an essential step in communicating your wishes regarding who will be the beneficiaries of your assets. The assets listed in your will must go through probate, which is designed to ensure that the heirs receive the assets in compliance with the details of your will.
Transfer on Death: If you want to continue holding the property in your name, then one option is to use a transfer on death. This process gives you the option to name one or more beneficiaries who will receive the property when you pass.
Joint Ownership: In a situation where it isn’t important to you to maintain full ownership of the property, you might choose to name another person as a joint owner. When a death occurs, the property will be passed to the other owner. Consider this option carefully since it could potentially create issues, especially if the joint owner is someone other than your spouse.
Personal Advice for Optimal Results
If you don’t know much about your options, then the best thing you can do is talk to an experienced estate planning attorney for personalized advice. Our team is here to provide the solutions you need for protecting your assets and ensuring optimal results when a property is transferred to your heirs. Contact Miles & Hatcher, LLP if you are interested in scheduling a free consultation: (909) 481-4080.