Many parents want to know the best way to leave a home to their children. Before you make a plan, you should first be sure that your children actually want the property. We have seen too many parents take on unnecessary financial hardship in order to keep a home as an inheritance their children do not truly want.
That said, here are some of the most common ways to leave your home to your kids:
Will. You can leave real estate to anyone in your will. Once the will has been probated, your children will receive title to the property.
How do you want to die? Do you want lifesaving treatments to be administered even if all brain activity has ceased? Is your family aware of your wishes? And perhaps the more important question, is your doctor aware of your wishes?
Included in a complete estate plan is a living will (or Advance Health Care Directive) nominating a health care agent and stating your wishes for end of life decisions and treatment. This document is clear and comprehensive, yet many times healthcare professionals still have a difficult time withholding life-saving treatments, even if administering them goes expressly against a patient’s clear wishes to the contrary.