![]() One common idea that people have about passing the home to kids is seemingly simple: Just add the heirs as co-owners on the current deed. A family conversation helped them realize that a shared inheritance didn't make sense. Disagreement on whether to continue shared ownership could also have caused hurt feelings and disrupted what was otherwise a good relationship. If the siblings decided not to share the house and executed a transfer of ownership, it might have increased taxes and created transaction costs. Leaving the home equally would have created issues regarding maintenance cost, property taxes, and upkeep. However, one child lived far away and already owned a vacation home in that area. Although these conversations can be difficult, it is very important to have them, so you may want to have someone neutral help to facilitate the discussion.įor example, consider a couple who was planning to leave a vacation home to their 2 children equally so that the children could continue the long tradition of family vacations. ![]() Your children may have different ideas about whether they would want to live in, sell, or keep the property for investment purposes. First ask: What would you like to see happen with the house? After understanding your goals, be sure to discuss your wishes with your family. ![]() To prepare for a smooth and efficient transfer of a home, start by thinking about your goals and your financial situation. Input from everyone involved can make planning easier.
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