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Heritage Tree LogoWill My Children Inherit My Home?

There are a number of different approaches you can take to ensure you are passing your home down to your children when you pass away. To learn more, continue reading and reach out to our dedicated Butler County estate planning & probate attorneys today.

How can I pass my home down 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 together with people other than your spouse can cause issues and should be selected 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 encourages you to keep having the property in your own name and bypass probate.

Note that creating an estate plan is usually intricate. However, it is important to do so in order to be sure that your kids will be able to benefit from your hard-earned assets when you are not around anymore. If you have an experienced estate planning attorney on your side, you can feel more relaxed knowing that your estate plan is taken care of. Do not wait to reach out to our firm to get started. Our legal team is dedicated to helping you defend your future and your family. Do not wait to give us a call today.

CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM

Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team 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.

Estate Planning & Probate

Whether you’re looking to secure your family’s future, protect a loved one’s assets or provide a loved one with the financial assistance he or she needs to afford long-term care, we are committed to serving your needs. We consistently offer creative and effective solutions to your most complex and sensitive estate planning needs and help your wishes come to fruition through our probate service.

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Elder Law, Medicaid Planning & Asset Protection

Everybody’s life is full of both expected and unexpected challenges. With our experience with elder law issues, we can help you enjoy the later years and retain full control over decisions that directly impact you. The attorneys at Heritage Elder Law & Estate Planning view every challenge as an opportunity. We can help you or your loved one today.

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