There are several different approaches you can take to make sure you are passing your home down to your children after you pass away. If you have questions or concerns, continue reading and reach out to our dedicated Pennsylvania estate planning attorneys today.
How can I make sure that my children inherit my home?
There are a number of methods that can be used to make sure that your children inherit your home when you pass away. They include the following:
- A will. This legal document allows a person to display 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 agreement with the will’s terms. However, any debts you owe when you pass away must be delivered first. If you have multiple beneficiaries, each will obtain an undivided interest in the home. This indicates that they have to compromise on its disposition, which can be challenging in the event that the siblings are estranged.
- A living trust. This permits 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 possibility of conflict between beneficiaries is handled by choosing a trustee as the decision-maker over the assets.
- Joint ownership. Owning property jointly with another person can suggest 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 problems and should be chosen carefully before you purchase the property.
- Transfer on death. In many cases, you can name a beneficiary or beneficiaries that can acquire your property in the event of your passing. This choice enables you to keep having the property in your name and bypass probate.
Keep in mind that creating an estate plan is usually complex. However, it is important to do so in order to be sure that your kids will be able to profit 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 taken care of. Do not hesitate to reach out to our firm to get started. Our legal team is committed to ensuring that your future and your family are protected. We are on your side.
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