If you plan to leave your home to your children when you pass away, there are many ways to transfer ownership. Each method has its own set of pros and cons though, so it’s a good idea to consult a Des Moines trusts lawyer and figure out your best option. We can take a look at your estate and help you figure out the best way to transfer ownership and keep your home in the family.
Get Help TodaySetting up a trust is one effective way to transfer ownership of your home to your child or children. A revocable trust gives you full control over the house and what happens to it. You can also set rules about what happens if you have multiple children and there are arguments over exactly what should be done with it.
A good example of this is if one of your children wants to live there, but the others do not. You can make it so that the child who wants to keep the family house and live in it has to pay their siblings to buy out their shares. Having everything in writing and having your trust set up could minimize the chance of conflict.
You can also transfer ownership by adding your adult children to the deed. However, it’s important to realize that this gives each one of them the same rights of ownership.
So let’s say that we have the scenario above, where one child wants to live in the home, but there is no trust set up. If you just put each of your children on the deed, then the one who wants to live in the home can interfere with their siblings’ plan to sell it. Obviously, this can lead to some conflicts.
You could also just sell the home to one of your adult children. That seems simple enough, right? There is just one major drawback to be aware of. You’ll no longer own your home. You are not in control of it, even if you continue to live there.
Each of these options has its own set of legal and tax implications too. That’s why we really recommend talking to a lawyer before you make any major decisions. Our estate planning lawyers can discuss your situation and all of your options with you.
If you want to learn more about how to protect your assets and pass them down to the next generation, contact Herting Law, PLLC. We can tell you more about your options and help you figure out the best way to transfer ownership of your home.
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