When planning the future of your assets after you pass away, your home is often the most important one. It will certainly have a very significant financial value associated with it, but in many cases, it is the emotional value that is most important. Many people mistakenly think that when they pass away, their home will just naturally be passed on to their children; but that is often not the case. Even when this does eventually happen, it will be far more time consuming and costly for your loved ones than it needs to be. With proper estate planning, you can ensure your home is passed on to the correct person without any difficulty for them.
A Will is Not Enough
It is possible to leave your home to a loved one using a standard will. Simply naming your loved one as the beneficiary will make it legally known that this is what you want to happen to your house; however, a will has to go through the probate process. This means your loved one will have to appear in court and go through time-consuming steps. In addition, the probate process is a public event so all the details of this will be known to anyone who is interested.
Consider a Revocable Living Trust
In most cases, a better option is placing your home into a revocable living trust. Because it’s revocable, you will be able to make changes to it without any trouble as long as you are living. Once you pass away, the person you named in the trust will become the owner without having to go through the probate process. A trust also makes it possible for you to leave the home to a minor child by simply naming someone as a trustee to manage the home until the heir is old enough to take on that responsibility. Legal trusts are far more flexible and powerful than wills, which makes them a much better option for handling large assets like a home.
Get the Help You Need
Whether you are setting up a simple will or a revocable living trust, you need to make sure it is done correctly to avoid any unnecessary complications. Contact ProActive Legal Care at http://proactivelegalcare.com/contact-us/ to discuss the specifics of your situation and get the assistance you need. We can help you through every step of estate planning and elder law processes in Florida.
