One of your main priorities for planning for the future is to ensure that your assets go where you intended for them to go after your death. Through your estate plan, you can have the final say over your personal property in the future, as well as your medical care, in the event of your incapacitation. One of the most important assets that you own, and one that you will want to prioritize in your estate plan, is your home.
It is critical that you have clear plans for what happens to your home after your death. You may want your heirs to sell the home and split proceeds, you may want to simply pass it to a single person to do with it whatever they like, or you may want to ensure that the home stays in your family for generations. Regardless of your goals, there are tools that can make your objectives a reality.
Passing your home as you intended
A poor estate planning decision can have serious repercussions for your loved ones in the future. For example, you may believe that a transfer-on-death deed is the ideal way to pass a residential property to a specific heir after his or her death. However, this is not the best way to accomplish this goal. In fact, choosing this route can lead to complications, and there are other tools that can allow you to reach your objectives with minimal issues. One reason people believe this deed is a prudent option is that it allows for the transfer of an asset without the requirement for probate.
However, Louisiana law does not allow for the transfer of real estate with this type of deed. There are other effective ways to transfer ownership of your home, both during and after your lifetime. By establishing joint ownership of your home, the property will pass directly to the other owner after your death. Other options include passing the home through your will or placing the home in a trust.
Beneficial decisions for the future
The goal of any estate planning decisions you make should be to ensure the benefit of your heirs and beneficiaries, even after you are gone. Before you make important choices, you will benefit from having experienced insight into the benefits and potential drawbacks of your choices, such as tax implications of the avoidance of probate. An assessment of your estate planning goals can provide you with the insight necessary to make thoughtful decisions.