People gather a variety of assets throughout their lifetime. In many cases, one of their most valuable assets is their home. It is important to make sure your home is included in your estate plan if you wish to pass it onto loved ones, such as your children. It takes proper estate planning to ensure your children will inherit your home when the time comes. Continue reading below to learn more about how this is done and contact an experienced Alabama estate planning attorney for assistance.
How do I Pass on a Home to my Children?
There are four different ways that a family home can be included in an estate plan so it can be distributed after your death. This includes the following:
- A will: This allows you to appoint the individuals you want to inherit your assets, such as a home. It i s important to know that assets in this document go through probate, a court-supervised process that ensures the transfer of assets is in accordance with the terms of the will. However, any debts you owe will be paid first.
- A living trust: This allows you to transfer the home to the trust. While this avoids probate, outstanding debts are still paid first. A trustee is appointed to make decisions regarding the assets and handle any conflicts between beneficiaries.
- Joint ownership: When property is jointly owned with another person, such as a child, the property can pass to them upon your death. This should be done carefully, as it can sometimes cause certain issues.
- Transfer on death: In some situations, you can name a beneficiary to receive property upon your passing, allowing you to hold the property in your name and avoid probate.
Why Should I Hire an Attorney?
Estate planning matters are very important, as they ensure your cherished assets and belongings are prepared for the future when you are no longer around to care for them. Having a plan in place ensures they can be distributed to loved ones who can continue this care. While this is true, estate planning is not always simple. There are many facets to the process and not all plans are the same. With a proper attorney, you can ensure you are setting up an estate plan that is right for you and helps to accomplish your desires. This can include leaving a family home to your children. Contact our firm today to speak with an attorney regarding your case.
Contact our Firm
Stone Crosby, P.C. has proudly served clients in Alabama for over 100 years. Our firm has experience handling matters including divorce and family law, estate planning and administration, business law, employment law, class actions, consumer protection, business law, real estate law, among many others. If you require quality legal representation, contact our firm today to schedule a consultation.