Your dream home is the center of family gatherings and a limitless source of joy. It’s part of your legacy and should be treated as such. It’s also the product of a lifetime of hard work, dedication, and sacrifice. Transferring it to your children should be a high priority and, if you’re considering such a transfer, below are the most important steps to consider!
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Find a Reputable Attorney In Your Area
Consulting with and retaining an experienced trust attorney is imperative. Any homeowner that is seeking to protect their assets should speak to an experienced trust attorney about whether a Last Will and Testament or a Trust is the best instrument for their needs.
Homeowners that own a number of properties in their portfolio should consider placing the items into either a Revocable or Irrevocable Trust. This will avoid the need for Probate and also cut down on (if not eliminate) Inheritance taxes altogether.
A Last Will and Testament might be the better instrument for a husband and wife. They will typically execute reciprocal Wills in which they will leave everything to one another. The spouse who passes away second will leave the final bequests to the children. If this circumstance fits your criteria, it’s in your best interest to find a reputable trust attorney in your area. This will afford you the peace of mind that your final wishes have been memorialized in a document that will be recognized by the Surrogate in the County where you reside at the time of your passing.
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Avoid Reverse Mortgages
A reverse mortgage is a refinance transaction where a lender will provide the homeowner with a monetary payout on their property in exchange for repayment at the time the homeowner passes away. Sometimes this works out for the homeowner, but often times it does not. Repaying this debt is normally accomplished by the sale of the home. Before entertaining a reverse mortgage, find a trust attorney in your area so that you may discuss your rights and remedies in detail.
Maintain Your Home In Good Condition
Maintaining their home is one of the major priorities homeowners face. Every aspect of the home requires attention to detail and routine maintenance. In order to make sure that your home does not suffer from wear and tear, pay specific attention to these sections of the home to ensure that your home remains in good condition through the years.
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The roof is your last line of defense between your home and the elements. Over the years, wind, rain, and snow will cause the roof to suffer from wear and tear. Typical roofing material requires replacement every 10-15 years. If there are leaks, make sure that they are addressed immediately. Leaks can lead to the wood in the home becoming saturated and may lead to mold. Consider replacing the roof when the time comes so that you do not have to go through that expense for another 10-15 years.
Your basement should be dry and show no signs of water incursion. Reduce humidity by installing a humidifier in the basement region. Make sure there are no carpets so that dampness and mustiness are eliminated. Install either tile, linoleum or hardwood floors. Keep the basement cool and dry throughout the years to avoid cracks in the foundation or water from seeping in.
Make sure the windows and panes are not cracked so that you’re not losing heat or allowing cold air into the home. Windows become clouded with humidity, so be aware of the fact that windows should be removed cleaned on at least a yearly basis. Make sure the frames and panes are in good condition throughout the years and replace them if they become damaged.
Invariably, almost every home suffers from termites, carpenter ants, carpenter bees or wood-destroying insects. Keep up with this type of home maintenance by having a company such as Terminix treat the property and home at least on a yearly basis.
In all, maintaining your home along with the advice of an experienced real estate attorney will ensure that your dream home is divested to your children at the time of your passing. Consider undertaking the aforementioned steps so that you can rest assured that your goals and desires are memorialized in a Last Will and Testament or a Trust which will provide your children with the security they deserve at the time it matters most.