If you would like to ensure that your children end up with your home when you pass away, you will need to consider a number of different estate planning options. Continue reading and reach out to our dedicated and experienced Montgomery County, PA wills, trusts, and estates attorneys today. Our legal team is on your side.
What options do I have to make sure my home is passed to my children?
- A will. This refers to a legal document that authorizes an individual to establish to whom you would like to inherit your assets. All assets incorporated in a will go through probate, which is a court-supervised procedure for making sure that the transfer of assets to your beneficiaries is in adherence with the will’s terms. However, any debts you owe when you die will have to be delivered first. If you have numerous beneficiaries, each will inherit an undivided interest in the home. This indicates that they have to compromise on its disposition, which might be difficult if any 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 corresponding expenses, but outstanding debts will still need to be paid first. Any possibility for conflict between beneficiaries is addressed by selecting a trustee as the decision-maker over the assets.
- Joint ownership. Possessing property jointly with another individual can indicate 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 cause issues and should be determined carefully before you buy the property.
- Transfer on death. Many times, you can name a beneficiary or beneficiaries that can receive your property in the event of your passing. This option permits you to keep holding the property in your own name, and avoid probate.
Our firm recognizes how stressful creating an estate plan can be. However, it is critical to do so in order to ensure that your children will be able to benefit from your hard-earned assets when you are not around anymore. With the help of a skilled estate planning attorney at Friedman Schuman, you can trust that our legal team will help you navigate each step of the process and ensure that you and your wishes are carried out. Reach out to our firm today to get started. We look forward to hearing from you.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.