If you own your home, then you may be curious about your estate planning options. Choosing to leave your house to your child after you pass can offer him or her security and financial stability. In Texas, you can do this in several different ways. An estate planning attorney in Austin can help you pick the option that best suits your needs.
Last Will and Testament
Many people create a last will and testament to leave their personal property and assets to specific heirs or beneficiaries. If you include your home in your last will and testament, then you can choose who takes ownership after your death.
It is important to note that creating a last will and testament means that your estate will go through probate court after your death. This could potentially hold up your property for months or cause your beneficiaries to incur additional legal fees.
Additionally, legal disputes may arise if you have multiple children and will part of your home to each of them. If there are disagreements about selling the home or keeping it, then your children will likely end up in court.
Create a Trust
You may decide to create a trust after meeting with an estate planning lawyer in Austin. If you choose a revocable trust, then you can maintain control of your assets until your death. This gives you the freedom to continue benefiting from your assets throughout your lifetime. Upon your passing, a named trustee will take over and carry out your wishes.
Assets in a trust typically do not have to go through probate. This feature would help your child take ownership over your home much sooner after your death.
Transfer on Death Deed
Texas allows property owners to pass ownership of real estate to someone else upon their death. A transfer on death deed does not force the property to go through the probate process, making it a more convenient option for beneficiaries.
It also immediately transfers ownership of the property to the named beneficiary upon your death. However, you do not give up any ownership rights or control during your life. For example, you can still borrow money against your home.
Make the Most of Your Assets With an Estate Planning Attorney in Austin
Estate planning is often complex, and errors in planning often remain hidden until it is too late to fix them. It is essential to work with an estate planning attorney who can listen to your goals and find ways to achieve them. Call (512) 640-0588 to schedule a consultation with Sheehan Law, PLLC and further explore your estate planning choices.