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How Can I Make Sure My New York Property is Passed Onto My Children?

How Can I Make Sure My New York Property is Passed Onto My Children?

When people create an estate plan, they often wish to include properties they own to be passed on to loved ones. This can include making sure children inherit their family home. There are a variety of ways this can be done in an estate plan. In order to receive proper guidance during this process, it is important to retain the services of an experienced New York estate planning attorney.

How do I Pass on a Home to my Children?

There are four tools that can be used to pass down a home to loved ones through an estate plan, including: 

  • A will: This allows you to choose who inherits your home. All assets in this document will go through probate, a court-supervised process that makes sure the assets are transferred in accordance with the terms of the will. It is important to note that any debts that are owed will have to be paid first before asset distribution.
  • A living trust: This allows you to transfer the home to the trust as well as to manage and benefit from the asset. While assets avoid probate through this tool, outstanding debts still need to be paid. A trustee is appointed to make decisions regarding the assets and handle beneficiary conflicts.
  • Joint ownership: Owning property jointly with another individual allows them to maintain ownership of it upon your death. 
  • Transfer on death: In some situations, you can name a beneficiary to receive property upon your passing, allowing you to hold the property in your name and avoid probate.

Why Should I Hire an Attorney?

Creating an estate plan is one of the most important things you can do in your life, as it ensures your cherished assets will be protected when your life is over. However, putting these protections in place is not always simple. There are numerous ways to create an estate plan and not every plan is the same as one another. It is because of this that it is crucial to have the assistance of a knowledgeable attorney during this time, as they can guide you towards a plan that is best for the goals you wish to accomplish. This can include passing down a family home. Contact our firm today to speak with an attorney regarding your case.

Contact our Firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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