If you would like to ensure that your children inherit your home after you pass away, continue reading to learn more about your estate planning options and reach out to a skilled Montgomery County estate planning attorney.
What steps should I take to ensure my children get my home?
- A will. With this legal document, you can authorize an individual to choose who they would like to inherit their assets. All assets incorporated in a will go through probate, which is a court-supervised procedure for making sure that the transfer of assets to your beneficiaries is in adherence with the will’s terms. Nevertheless, any debts you owe when you die will have to be produced first. If you have multiple beneficiaries, each will inherit an undivided interest in the home. This means that they have to compromise on its disposition, which might be challenging if any siblings are estranged.
- A living trust. This allows you to transfer the home to the trust and to operate and benefit from the asset. A living trust avoids probate and the corresponding expenses, but outstanding debts will still need to be paid first. Any potential for conflict between beneficiaries is managed by choosing a trustee as the decision-maker over the assets.
- Joint ownership. Owning property jointly with another individual can show the property will pass to that other owner in the event that you pass away. However, owning property jointly with people other than your spouse can cause problems and should be selected carefully before you buy the property.
- Transfer on death. In many cases, you can designate a beneficiary or beneficiaries that can receive your property in the event of your passing. This option enables you to keep holding the property in your own name and avoid probate entirely.
Our firm acknowledges how stressful creating an estate plan can be. Nevertheless, it is critical to take this important step so that you can ensure that your children will be able to benefit from your assets when you are not around anymore. With the help of a skilled estate planning attorney, you can feel more comfortable knowing that our legal team will help you get through each step of the process and make sure that you and your wishes are carried out. Do not wait to reach out to our firm today to get started. Our firm is on your side.
Contact our experienced Montgomery County, 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.