Many people decide to sell their homes when they get older. Others decide to leave their home to their heirs. Which one is the right option for you? That depends on what you want to do as you get older.
If you want to move, downsize or give monetary gifts to your heirs while you’re still alive, then selling your home might make sense. After all, the profits from the sale can be more easily split than if you leave the whole property for distribution. On the other hand, if you want to age in place, then it may make sense to keep your home and to place it into a trust. With that, your home will be passed on to an heir once you pass away or other terms are met.
If you have only one heir, then it may be easier to leave them a home than if you have multiple heirs. For example, if your daughter loves the home, then it would make sense to leave it to her. However, if you have two children who like the home, then you might run into problems, like trying to decide who to give the home to or how to make sure your other child receives a fair inheritance if you do leave the home to the child who wants it most.
What you plan to do with your home could be one of these things or something else completely. Your attorney will help you with your estate plan and help you decide how to distribute your property if you have questions about passing your assets on.