Want your beneficiaries to effortlessly inherit the estate property? Here is a guide

Your home is probably your most valuable asset. You are clear about whom you want it to end up with it when you die. As a parent after your death, you surely want your kids or any other beneficiaries to inherit your home. If you’re a parent, you want your kids to inherit your home. Ensure that your wishes become reality we would be discussing how to make this wishes become a reality in this article. There are various means of achieving this aim the most notable ones are including your home in your will, transferring your home to a living trust or including words in your deed to make it happen. In other words, estate planning. Let’s take each one and discuss (consider) what’s best for you.

  • Include your home in your will — A will lets you specify whom you want to inherit your assets, and you may specify that you want your assets to be legally transferred to your beneficiaries — your children. It is usually advisable to consult the services of estate planners and or a legal advisor when you’ve decided to draw your will. Having been in the real estate business for over ten years, my team and I have successfully handled a good number of clients property ownership transfer to beneficiaries and maximize their family wealth by helping them avoid common inheritance traps that can cause missteps. The guidance and support of an estate planner in this type of option cannot be overemphasized!
  • Set up a living trust — A living trust is established while you’re still alive. You transfer assets to the trust, which then controls them. You get to manage and benefit from the assets in the trust now, and when you pass away, these assets are transferred to your beneficiaries as designated in the trust document. When you transfer your home into a living trust, you get a number of benefits. Asides the fact that a trust takes effect as soon as it is created while a will goes into effect only after you die. A trust is comparatively better than a Will. Here are some of its advantages:
    • A Trust can be used to Avoid Probate – a Will cannot.
    • A Trust can provide Creditor Protection for the Inheritance you leave to Beneficiaries – a Will cannot.
    • A Trust can Protect Governmental Benefits for a Person with Disabilities – a Will cannot
    • Trusts can Reduce Estate Taxes – a Traditional Will cannot
    • A Trust can Administer Assets for Minor Beneficiaries without Court Intervention – a Will cannot

There are quite a number of different types of trust. If you want to know more about whether a Trust is right for your situation, you can contact us to discuss your goals, and we can connect you with an Estate Planner / Attorney to serve your needs.

  • Using the right words in the deed to your home — Transfer on death or joint tenancy with right of survivorship; these phrases let you give your home to your heirs without delays associated with probate or the cost of setting up a trust. With the transfer on death, you own your home 100 percent while you are still alive, and you’re free to do whatever you want with it — borrow against it or get a reverse mortgage. When you pass, the home automatically transfers to the beneficiary named. With joint tenancy with right of survivorship, you and the other person named on the deed are co-owners of your home. The house automatically transfers to your co-owner when you pass. These Phrases and terms included in them are legally-binding and can have wide-ranging and serious effects, possibly something you never intended.

Consult with an attorney, if necessary, to make sure you get the WORDS RIGHT and to find out what will happen to your property after you die.

The transfer of home ownership usually involves a lot of paperwork and diligent consultation. Employing the services of an expert and experienced estate planner can be the differences between helping your family maximize wealth after your death or putting them in a disheartening situation due to loss of millions of dollars.

Get informed, connect with us today and let’s work with you in deciding the best option that fits your goal. Visit our core service page to learn about us, what we do and how we can help you achieve your real estate needs.

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