People create estate plans in order to ensure the protection of the future of their assets. For many people, this can include passing on a family home to their children. It takes thorough estate planning in order to ensure your children will inherit your home when you are no longer alive. Continue reading below to learn more about how this can be done and contact an experienced New York estate planning attorney for guidance during this time.
How do I Pass on a Home to my Children?
When passing a family home onto your children through an estate plan, there are four different ways that this can be done. This includes:
- A will: This allows you to choose who you want to inherit your home. All assets in this document will go through probate, which is a court-supervised process that ensures the transfer of assets in accordance with the terms of the will. However, any debts that are owed will have to be paid first.
- A living trust: This allows you to transfer the home to the trust and to manage and benefit from the asset. Through this choice, the asset avoids probate. However, outstanding debts still need to be paid. A trustee is appointed to make decisions regarding the assets and handle beneficiary conflicts.
- Joint ownership: Owning property jointly with another individual means they can maintain ownership of the property upon your death.
- Transfer on death: In some situations, you can name a beneficiary to receive property upon your passing, which allows you to hold the property in your name and avoid probate.
Why Should I Hire an Attorney?
Estate planning matters are a very important part of life. This is because it makes sure the assets that you love and cherish will be passed on to loved ones when your life is over. While this is true, it is important to recognize that these preparations are not always simple. There are many different ways an estate plan can be created that allows you to accomplish your goals for your estate. It is because of this that it is crucial to have the guidance of a skilled attorney, as they can navigate the process to help you build the plan that is right for you. This can include leaving a family home to your children in the event of your death. Contact our firm today to speak with an attorney regarding your case.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.