You will need to understand the different types of estate plans if you would like to make sure that your children end up inheriting your home when you pass away. To learn more, continue reading and reach out to our dedicated Butler County estate planning & probate attorneys today.
What options do I have to make sure my home is passed to my children?
- A will. This legal document permits a person to demonstrate who you would like to inherit your assets. All assets included in a will go through probate, which is a court-supervised process to ensure that the transfer of assets to your beneficiaries is in accordance with the will’s terms. However, any debts you owe when you die must be delivered first. If you have multiple beneficiaries, each will obtain an undivided interest in the home. This suggests that they have to compromise on its disposition, which can be difficult in the event that the siblings are estranged.
- A living trust. This allows you to transfer the home to the trust and to manage and benefit from the asset. A living trust bypasses probate and the related expenses, but unpaid debts will still need to be paid first and foremost. Any potential for conflict between beneficiaries is managed by choosing a trustee as the decision-maker over the assets.
- Joint ownership. Owning property jointly with another person can imply 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 generate issues and should be chosen carefully before you purchase the property.
- Transfer on death. Oftentimes, you can name a beneficiary or beneficiaries that can obtain your property in the event of your passing. This choice enables you to keep having the property in your own name and bypass probate.
Creating an estate plan is often complex. However, it is critical to do so in order to be sure that your children will be able to benefit from your hard-earned assets when you are not around anymore. If you have a skilled estate planning attorney on your side, you can feel more comfortable knowing that your estate plan is in the right hands. Do not wait to reach out to our firm today to get started. Our legal team is committed to helping you protect your future and your family. Give us a call today.
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Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team that you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.