How Do I Transfer Ownership of My Home to My Children?
Your family home may hold great monetary and nostalgic value. For these reasons, you may want to pass it down to your children at the unfortunate time of your death. Well, there is a way that you can execute such a transfer within your estate plans. So please continue reading to learn how to transfer ownership of your family home to your children and how one of the experienced Butler County deed & property transfer attorneys at Heritage Elder Law & Estate Planning, LLC can work to ensure this is done seamlessly.
Why would I transfer ownership of my home to my children?
Especially in this day and age, it is difficult for young adults to face the housing market and purchase their first home. So, out of the goodness of your heart, you may want to give them an advantage and have them own your home when you sadly pass away. This is not to mention the sentimentality of keeping your home within your family for generations to come.
With this, your home will not be automatically inherited by your children. That is, you must put in the hard work now to make sure this transfer is executed. Otherwise, your home may have to undergo probate. Or, your children may have to face unaffordable inheritance taxes.
How do I transfer ownership of my family home to my children?
You should know the varying ways to transfer a deed for your real estate property effectively. That is, transferring ownership of your family home to your children.
For one, say that you are married. Then, say that you sadly pass away first and leave behind a surviving spouse. Well, in the Commonwealth of Pennsylvania, your surviving spouse may automatically inherit the entire real estate property. This concept is otherwise known as the rights of survivorship. From here, your surviving spouse may make an estate plan that coordinates the transfer of ownership to your children upon their unfortunate passing.
On the other hand, say that you never married. Instead, say that you jointly own the real estate property with someone you consider a life partner or close family member. So, you may have to disclose your intention to transfer your partial ownership to your children within your estate plan. This may be through your Last Will and Testament or revocable or irrevocable living trust. Or, at some point during your lifetime, you may gift or sell your portion of the real estate property to your children.
In conclusion, one of the skilled Butler County estate planning & probate attorneys can help kickstart your legal action today. Our team at Heritage Elder Law & Estate Planning, LLC will happily take on your case. So pick up the phone and give us a call.
