3 Ways to Pass Down Your Family Home

millman law group pass down family home

You can take these steps to securely pass down your family home.

When you plan for your estate after your death, one of the most important decisions may be how you plan to pass down your family home. There are a few ways to ensure that your beneficiary of choice obtains ownership of your property after your death, including creating a will, a living trust, and modifying the deed. Your estate planning attorney at The Millman Law Group can advise you on what action is best based on the unique circumstances of your property, estate, and family composition. 

Create a Will

The first way to pass down your family home to someone is to put your beneficiary in a will. If you want to leave your property to several people – to siblings, or your children, for example – each beneficiary will get an undivided stake in your property. They each have to decide whether to keep that stake or sell their share. 

However, before you consider leaving your home to multiple people, consider how those people get along. Will this shared property create a rift? If you foresee a situation where the beneficiaries are likely to go to court, consider splitting your assets differently. 

Create a Living Trust

Instead of creating a will, you may create a living trust to pass down your family home. After you create the trust, you gradually transfer assets into it. You then continue to benefit from the assets in your living trust, including your home, while you are alive. After you pass away, the items in your trust get transferred to the beneficiaries. 

Living trusts are often appealing because they eliminate the need for probate. Property passes from one party to the next via the trust, often reducing stress for your beneficiaries. If you want to leave your home to multiple people, doing so through a trust may reduce conflict. You can name a trustee to your trust, and they will decide what happens to your property. 

Modify Your Deed

Sometimes you may even be able to pass down your family home by modifying the language in your deed. People may include: 

  • Ladybird Deed: You maintain complete control over your home and can borrow against it until your death, at which point it will automatically transfer to your chosen beneficiary. Sometimes Ladybird Deeds are a simpler solution than a trust, but not in every situation. 
  • Joint Tenant with Right of Survivorship: Any financial decisions you make have to be approved by the joint tenant. 
  • Tenants by the Entireties: This permits spouses to jointly own property as a single entity, so each spouse has an equal and undivided interest in the property. 

Any of these modifications will allow your home to pass to your beneficiary when you die. Additionally, if you have a joint deed with your spouse, you can add a Ladybird modification so that the home won’t pass to a secondary beneficiary until you and your spouse pass away.

Estate Planning Made Easy With Millman Law Group

Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.