If you’re still living in your home while creating an estate plan, you need to figure out what to do with that property when you pass away. If that home is paid off, you probably don’t have very many assets that are worth more, so this is a very important decision.
You also want to think about the sentimental value that the home may hold for your children. It can be wise to include them in this conversation as you consider your options.
Leave the home to one heir
You do have the option to leave the house just to one person, such as your oldest child. This can sometimes cause estate disputes and the other siblings may not be happy about the decision, but you don’t have to leave it to everyone.
Leaving the home to all heirs
Of course, you can simply leave the home to all of your children, who will assume joint ownership of it. This can be beneficial if they would like to keep the home in the family, perhaps as a vacation home, but it is a bit more of a complicated situation where all of the heirs have to work together. Plus, some of them may not want to have any ownership and would prefer to be bought out.
Selling the home and leaving the money
The easiest way to avoid any sort of confusion or dispute is just to sell the house yourself. You can then leave the money to your heirs directly or in a trust. However, they may be frustrated if the home did have a lot of sentimental value because now that is lost.
These are just three of the options you have, so make sure to carefully consider all of your potential choices as you look into estate planning.