Why Transferring Home Ownership Does Not Replace an Estate Plan.
June 9, 2023
It can be tempting to avoid costs of creating an estate plan when your only significant asset is your home. After all, what's the harm of simply putting your home in your child's name to avoid probate and be done with it?
We hear this question more than you'd think at our office, and we almost always advise against it. The truth is, there are a number of reasons to keep your home in your own name, the biggest ones being property taxes and your child's liabilities.
Other reasons include:
Is your relationship with your child as good as you think? Once the home is in their name, they have no obligation to continue to let you live there.
Do you have more than one child? Putting your home in only one child's name can cause a rift between siblings. Alternatively, if you put the home in the names of all your children, it can make the home more vulnerable to liabilities and paperwork errors.
Have you considered a Revocable Living Trust? A Revocable Living Trust can be a safer way to avoid probate. A Revocable Living Trust is flexible and reliable and doesn't have to be expensive. In fact, a Revocable Living Trust can actually save your family money in the long run!
Don't make a mistake that could end up causing you to lose your home. Contact McKelvey Law Offices at 814-262-8058 to discuss how we can help you protect your family and your assets from probate and liabilities. Our office looks forward to scheduling you an appointment to discuss these important life decisions. Colt McKelvey and his family have been serving the legal needs of the Greater Johnstown Area for generations.