Passing Down Memories: Ensuring the Family Home Stays in the Family

August 29, 2023

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It has been reported that less than half (46%) of Americans currently have a will, 7.6% report having no knowledge around how even to get one set up and 58% admit to not having yet started to think about creating either a last will or trust agreement. What makes this figure all the more alarming is the sheer amount of money at stake here; by 2061, an estimated $59 trillion is predicted to be transferred from 94 million estates across America nationwide. That kind of money could support innumerable families if passed on properly, and yet, so much seems destined for government control due to a lack of planning. Thankfully there are now multiple resources available online, allowing people an easy way to draft their own legal will.


Leslie Davis's Success in Maintaining Her Philadelphia Family Home


Philadelphia and nonprofits are making it easier for families to keep their homes in the family. Leslie Davis is one of those lucky Philadelphians who has been able to benefit from these resources put in place by city organizations to help combat tangled title incidents – unclear legal ownership of properties. The Inquirer highlights that for Davis, she was used to thinking of her nana’s home as being her own ever since returning there more than two decades ago after living in an apartment. But unfortunately, at that time, she couldn't legally call it hers due to the fact that the deed was still under her grandmother's name, who didn't have a will either. She got assistance from a nonprofit organization that helped sort out entanglements and Leslie got the house. This step provided Davis with the necessary rights to own and manage her home.


Tips for Preserving Homes in Texas, Arizona, and New York


In Texas, Transfer-on-Death (TOD) deeds allow you to allocate beneficiaries to inherit your house upon your death. For a TOD deed, you must create a valid deed, get it authorized legally and get it recorded with the county clerk where the property is located. Legal experts explain that making a living trust is also an efficient way to transfer your house to your descendants or family. With a trust, you can designate trustees that will manage your trust and you can place your assets, including the house and other properties, into their ownership. The trustee/s will then ensure that all of your wishes regarding the distribution process are carried out on time and in an orderly manner. Creating a last will or evidence is a long-established method of transferring property in Texas. In this scenario, after you die, your home will be passed up according to your will.


If you want to keep your valuable Arizona family home in the family, creating a will is an important first step. The process of inheriting these assets depends largely on whether or not the deceased – the individual who has died, had a valid will at hand. Phoenix estate planning law firm highlights that creating a valid and legally binding last testament in accordance with Arizona state law can be complex without help from an attorney specializing in wills and estates. Generally speaking, there must be certain requirements met before the document becomes enforceable; such as having witnesses present for the signing procedure including their IDs and minimum age requirements for those referring to themselves in it.


Experts state that there are four ways to pass down a New York family home: Selling at fair market value, gifting of property (to one child or multiple heirs), bequeathing your property and transferring deed ownership to children. Selling your home at a fair market price as opposed to gifting or bequeathing renders you safe from being charged with partial gift taxation. This could also wind up taking your hard earned asset out of the children's hands if sale proceeds aren't sufficient enough for its maintenance.


To ensure that you can pass on your real estate to future heirs in accordance with the law, it is important that you consult a qualified legal advisor who can help guide you through the process and provide advice on all of the various considerations at hand. From navigating tax laws to devising succession plans that guarantee long-term wealth protection - professional counsel will make sure your wishes are respected should the unexpected occur.


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