When you have children, one of the most important tasks is to create or update your estate plan. Many parents often forget to do this crucial step once they have children. Understandably, this is a busy time, but estate planning is so important. As a parent, you likely want your children to inherit your assets, including your home. A home is most often a person's largest asset. If you do not plan properly, your home may not end up in the hands of your children. The following are some ways to ensure your home goes to your children upon your death.
Include the Beneficiaries in Your Will
A will is one of the easiest methods you can use to make sure your assets are allocated based on your wishes. A will is a legal document that specifies who gets your assets once you pass away. Any item in your will goes through probate. This is a process through which the court ensures all of the assets listed in the will are transferred based on the terms of the will. This can include a house. One thing to remember, however, is that any debt you have will be paid first from your estate. Another thing to note is that if you have more than one child to leave your home to, they will each receive an undivided interest. Each child has to agree on how to divide the house's value.
Create a Living Trust
Another option is to put the house in a living trust. You will transfer the house to the trust to manage it. This option allows you to skip the probate process. Again, any debt you have will be paid by your estate before the disposition of the assets within the trust. If you have more than one child, they will have to decide how to divide the value of the house. You should appoint a trustee in the event there is any conflict among the beneficiaries regarding the trust.
Declare Joint Ownership
An easy way to ensure your child receives your home upon your death is to make the child a co-owner while you are still alive. You simply have to have the child's name added to the deed once he or she is an adult. Once you pass away, the house is passed to the other owner. Be sure to carefully consider this option before you go through with it to ensure there will not be any conflicts.
To learn more about wills and trusts, contact an attorney.
You love your family. You want your kids to have what is best, and you are willing to fight for them to the very end. Thankfully, there are professionals out there who are able to support you and do the same. They're called family lawyers. Although they typically handle a lot of divorce cases, you can call upon them for other family-related legal needs, too. They oversee adoptions, draft custody agreements, and so much more. We hope you will read the articles on this blog, which delve deeper into these topics. You'll emerge knowing more about hiring such an attorney.