Your home is incredibly important to you on many levels. There’s a sentimental connection to the house where you have so many memories. Additionally, it may be your most valuable asset.
As you approach estate planning, you’ll want to take both of these things into account. You may decide that it’s advisable to leave your home to your adult children. What are some additional things that you’ll want to consider at this time?
Do they want it?
The first thing to do is to talk to your children about what they actually want. The housing market is very competitive, so some children are thrilled to inherit a home that they don’t have to purchase. But others may already be at the stage in life where they own a home and they’re raising their own family, so the last thing they need is another house to deal with. Essentially, talking with your children will give you an idea of what they expect and what they want, and then you can plan accordingly.
Should you leave it to multiple people?
Another thing to consider is that you may have multiple heirs. Do you want to leave your home just to one person and not any others? This question can lead to disputes between adult children. Say that they inherit the home equally. Then I’ll have to decide what to do with it. Will they keep it as a vacation home for all of them to use? Does one person get to live there and another does not? This challenge can cause a serious dispute if they can’t agree on how to proceed.
Creating your plan
As you can see, this situation can get very complex. Planning in advance is quite important, and you need to know what options you have. It may be wise to contact a legal advisor who can educate you about your various options. That way, you’ll be empowered to make informed decisions about your situation.