What Happens with a Passed Love One’s Home?

The worst has happened and you have lost a loved one. Our first piece of advice is to properly grieve. While everyone’s relationship is not the same with significant others or relatives, we strongly suggest getting through the initial emotions of death. This will help tremendously to make the best decisions moving forward with their assets.

Second we need to back up a little bit, and we hope you have found this article before this all happens. How should you set up the home to be transferred to your heirs? There are three main ways you can do this. They each have their own pro’s and con’s:

  1. Include the home in your will. You designate your beneficiaries and who gets what assets when you pass away. These go through a court supervised probate session. It can take a while, but ensures the correct issuance of assets. The beneficiaries might not see eye to eye on the future of those assets though!
  2. Set up a living trust. You transfer any assets into the trust that you wish to be controlled by it, called funding the trust. The home will transfer to the beneficiaries without going through probate – pretty quick! If there is more than one beneficiary, you can name a trustee of the trust to moderate the distribution of assets properly, i.e. who gets the house!
  3. Include the Correct Words – Transfer on Death OR Joint Tenant with Right of Survivorship. Right of survivorship is typically used with significant others (wife, husband, partner, life partner, etc). Transfer on Death (TOD) ensures the house immediately goes to the beneficiary without probate, etc. Some counties and states call this a Beneficiary Deed. In our opinion, the TOD is the easiest and best way when there are not too many beneficiaries that can possibly argue the future of the assets.

No matter which route has been taken, we can help ensure the home sale is done quickly with little stress and effort. We can work with the beneficiaries, trustees, lawyers, other family members and more. As the house could very well be one of the larger assets, you will want a great plan when the time comes to properly distribute it. We highly recommend contacting an estate planning attorney before the inevitable happens, BUT that is not always the case. We are here to help quickly dissolve the house asset for you!

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[Source: Credit.com – How to Leave Your Home to Your Kids]