If you are someone who is ready to begin creating your estate plan, one of your primary concerns is, of course, to pass your assets down to those you care most about. In most cases, these parties are your spouse, your children, and other close relatives. However, if you are, for instance, the last surviving spouse, you are most likely concerned about the fate of your home after you pass. Please continue reading and reach out to our experienced Maryland estate planning attorney to learn more about your options when it comes to protecting your assets and ensuring your home is passed down to your children.
Ensuring Your Children Receive Your Maryland Home After You Pass On
The four primary options you have when it comes to ensuring your home is passed down to your children are as follows:
- Writing a will: Wills are oftentimes the cornerstone of estate plans, and for good reason. Creating a will allows beneficiaries of your choosing to inherit your assets. Your home can absolutely be included in your will. That being said, when you include these assets in your will, they will be subject to probate, which is a process by which the court will ensure all assets are transferred to your beneficiaries in accordance with your will’s terms.
- Transfer on death: This is when you name a beneficiary to receive property once you pass away, however, you can continue to hold the property in your name, thereby generally avoiding the probate process.
- Creating a living trust: By doing so, you may transfer your home to the trust, thereby circumventing probate. In a living trust, you will appoint a trustee to manage the assets and handle any discrepancies from beneficiaries, should they occur.
- Joint ownership: If you decide to jointly own property with your child, that property will immediately get passed on to your child upon your passing.
If you have any additional questions about the estate planning process ahead, please do not hesitate to pick up the phone and give our knowledgeable team of Maryland estate planning attorneys a call today. We have helped countless individuals achieve the peace of mind they deserve through the years, and we know we can do the same for you, too. JD Katz is always here to assist those looking to create the comprehensive estate plan they and their families deserve.
Contact our experienced Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.