Planning for a time when you are no longer with your children is a challenging task. And while you may consider a will as the optimal way to transfer your assets, many other avenues remain that can be more conducive to leaving your home to your children in New York.
Trusts
Creating a trust in your estate planning process allows you to honestly evaluate your assets and make decisions about their distribution after you have departed this world.
There are numerous types of trusts, but two main distinctions are revocable and irrevocable. Many choose to establish a revocable trust and move their assets into the trust while they remain the trustee. Trustees essentially have control over the assets in the trust. In this structure, you can name your children as successor trustees, giving them your home.
Trusts have many advantages, including allowing your heirs to avoid probate. This will likely make it easier for your children to manage your estate more quickly after you’re gone.
Gift deed
Another option to consider is a gift deed. This little-known option, a quitclaim, allows you to transfer home ownership to your children. Another benefit of this option is that you can transfer ownership while you are still leaving and reserve the right to remain in the home during your lifetime.
Giving your house to your children is a beautiful way to ensure your family has a place to call home after you are gone. Facilitating this process through either a trust or a gift deed may be the perfect solution for your estate plan.