Leaving responsibilities and commitments in a messy state is unappealing to most of us. This is especially true when we are in the sunset of our life. Rather than dealing with uncertainty with every breath we take, it’s wiser to do a little preplanning and preparations. If you’re currently living in your family home, but hope that one day it’ll be inherited by your children, then there are a few things you need to do and consider. Read ahead to find what our experts have to say regarding this…
Talk to them beforehand
As much as your home is special to you and your children, there is quite a possibility that your children may not want to own your family home. This is especially true if your children have moved to distant cities, or even if they have settled overseas. As giving them a home as part of their inheritance is basically a gift, make sure they want this gift. Talk to them beforehand about it and get a feel of how they would feel about inheriting a home.
Make sure your home is problem free
Each home has its own share of problems. For some, it’s the physical problems; like broken gates, messed up water systems or even leaking roofs. Basically, those little things you’ve put off fixing for years. For other homes, the problems are a little more serious; like land issues, disputes, or even mortgages. Make sure to look into all of these before you give your “gift”. You might want to hire your family law solicitors Melbourne to help you out here.
Do it the right way
There are moments to DIY and take shortcuts; and while we appreciate them, this is not one such moment. Make sure you cover all bases when it comes to transferring your family home to your children. Use reputed will attorneys to make sure that everything is absolutely clear and in order; and that (in the case of multiple children) your children don’t fight over the home beloved to all of you. In short, make everything legal and clean.
Do it while you are still around
Most parents prefer to leave family homes for their children in their wills. Unfortunately, they don’t seem to realize that this is actually the more complicated way of handling this. And this is in regards to a lot of things, like the taxes and even the deed transferring. If you’re afraid that you might change your mind, that’s alright. There are legal ways to set it up so that you can change your mind; whenever you feel like it. Just ask your lawyers about it