You may have started your estate planning by looking at the financial assets and the sentimental items that you know your children are going to want. However, you also need to deal with your real estate in your plan. This could be a family home, for instance, or a cabin or a vacation home.
Doing this can be tricky, and you have to consider exactly what you want to accomplish. Here are three different ways you can do it.
Splitting the ownership
If you have multiple children, or multiple beneficiaries who are going to take the property, then one way to do it is to split the ownership evenly. This is often done with family vacation destinations that adult children remember going to when they were younger. They all still want to be involved and have access to it.
Giving one person ownership
Of course, you do also have the option to leave the property to just one individual. This can make it easier for them to make decisions about what they want to do with it. However, keep in mind that it could create an estate dispute. If other children wanted to be involved but are not, they may be unhappy about your choice to leave the property to their sibling or even someone else.
Selling the home
There may be a situation where you can’t figure out how to leave the property to your beneficiaries in a way that will make everyone happy. It may be the simplest option to have the property sold and the proceeds divided among your heirs.
All these options can work, depending on your situation, so just be sure you know which option is best for your family. Having experienced legal guidance can help.