Inheritance 101: How to Leave Your Home to Your Kids | Credit.com
For many of you, your home is probably your most valuable asset and it’s likely that you are very clear about whom you want to end up with it when you die. For example, if you are a parent you probably want your children to inherit your home. However, ensuring that your wishes become reality takes planning – estate planning, specifically. For example, you may:
- Include your home in your will
- Transfer your home to a living trust
- Include the right “magic words” in the deed to your home
There are pros and cons to each of these options, so it’s advisable to meet with an estate-planning attorney. That way you’ll be sure that you choose the option that is best for you based on your finances, your estate planning goals and other considerations.