A person’s home is often one of their most valuable possessions. In addition to its monetary value, a home is a place where families create memories over the years. That is why it is so important to make sure a home is accounted for when people in Houston and others elsewhere begin the estate planning process.
If people are leaving behind real estate for their children, the most common way to transfer ownership is through a will. However, this means the will must go through probate. To avoid probate, parents may transfer real estate by creating a trust.
Another way to avoid probate is to add an adult child to the title of a home while the parent is still living.
People have a number of options to choose from. It is important to decide what option makes the most sense based on an individual’s specific situation.
In any case, people would be wise to make estate planning a priority. No one knows what the future holds. Therefore, it is never too early to begin making plans. Estate planning may also give people peace of mind knowing that their loved ones will be provided for even after they are gone. With solid plans in place, children and other beneficiaries can hopefully avoid disputes and drawn out legal battles.
Because of the various options available to people, residents in Houston and others elsewhere would likely benefit from working with an experienced estate planning attorney. People may be given even greater peace of mind knowing that an attorney has helped them account for all of their valuable assets.
Source: nwi.com, “Estate Planning: What’s the best way to leave the home to the kids?” Christopher W. Yugo, Jan. 19, 2013