If you’re one of many healthy older Texans who plan to age in their homes, you might want to consider what your family should do with that property after you pass away. Specifying whether someone should inherit the home or if it should be sold, along with making our wishes known now, can make the time following your death easier for your survivors.
A Legacy That Your Heirs May Not Want
Research from Cerulli Associates indicates that $84.4 trillion in personal wealth will transfer from generation to generation by 2045. Family homes represent more than 70% of that wealth. Considering what you want to do with that home should be part of the estate planning process, but how do you go about specifying how the house should be disposed of?
One solution involves selling your property to one or more of your children with the stipulation that you will continue to live in it until you die. However, this scenario has significant drawbacks if your heirs are sued or otherwise get in legal trouble, as the property could be gone if it’s not adequately insured. Weigh various options, including selling your home while still alive or establishing a trust to keep the house within your family.
Weighing Your Options
Determining what to do with the family home is essential. Although you may specify who should get the home in your will, that move may not be enough to safeguard it. One option can include bringing your children when discussing estate options if you want them to own or receive the proceeds.
If your heirs are agreeable to owning the family home, their input on how it transfers to them could be invaluable. Take sufficient time to weigh your options to ensure everyone is on board with the decision.