When creating your estate plan, you may feel as though the list of questions you need to consider are endless. It is important to account for all of your assets and outline the people that you wish to receive them. This includes your personal residence. As you draft your will, you may opt to include a provision that specifically addresses the transfer of your real estate to the person or persons of your choice.
Making a Specific Gift of Your Personal Residence Under Your Will
If the balance of your estate is going to one person or group of individuals and you desire to leave your personal representative to the same person or persons, you do not need to include a provision that specifically addresses your personal residence. If this is not the case, your will should contain a provision that directs your personal representative to distribute the property to your chosen beneficiary. Examples of how you can leave this property under the terms of your will include the following:
- The entire property can be given to your spouse or your domestic partner, if he or she survives you.
- The entire property can be given to your children or grandchildren, if they survive you.
- The entire property can be given to a person of your choice, if they survive you.
- The entire property can be given to a group of people of your choice, if they survive you.
In addition, you can also dictate what should happen to the property in the event that your initial option fails due to the beneficiary predeceasing you. For example, if you leave the home to your spouse but he or she is now deceased, the personal representative can instead be directed to distribute the property to your children. It is also important to note that your will can outline whether your want your beneficiary to receive your real estate subject to the existing mortgages or liens, or whether you want your personal representative to pay off these obligations out of the funds of the estate.
Understanding all of the considerations that should be addressed when an estate plan is created is important to the overall success of the plan. The Law Office of James F. Roberts & Associates has helped many clients create estate plans that suit their needs. To learn firsthand how we have assisted our clients, we encourage you to view our client testimonials page today.