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Should your home be part of your estate plan?

On Behalf of | Dec 5, 2019 | estate planning and probate | 0 comments

When you decide to begin the process of planning your estate and coordinating which of your relatives in Michigan will be beneficiaries of your assets, it may be difficult to ascertain what you should include. While the scope of your plan is dependent on your lifestyle, your end-of-life wishes and the number of assets you have, having a clear vision of what you would like to see done with your possessions after your death may help you to decide how to begin coordinating your plan for the future.

One asset you may consider including in your plan is your home. Accounting for the property you live on could be especially wise if you have paid it off and foresee yourself maintaining your current residence for a significant length of time, thus seeing an appreciation in its value. Next, you will need to think carefully about what you wish to have done with your home after your death. Some of the questions you may ask include the following:

  • Do you want your relatives to sell the property?
  • Who will get the proceeds?
  • Will the profit from the sale be split among several beneficiaries?
  • Who will oversee that this is done honestly and timely?
  • Would you rather have someone inherit the property so it remains in the family?

The Washington Post suggests that a valid, signed legal document be used to clarify your wishes. This will guarantee that everything is executed as you determined. Relying solely on the promises of others may backfire if, after your death, disagreements cause your property to end up in the hands of someone you never had named as a beneficiary. The information in this article is intended for educational purposes only and should not be taken as legal advice.