How to Successfully Transfer Your Property to Loved Ones

Small wooden house with a bow on it

For many people when it comes to estate planning, the challenging part is deciding the right way to transfer property to loved ones. A house is not only a significant investment, but is also tied to many memories and emotions. A commonly asked question is, how to leave your home to your kids. Unfortunately, there is no one answer that fits all, that can help you make that decision because every situation is different. Your best options is to work with an estate planning attorney in Lakeport CA, who can give you advice and help you decide on the best way to successfully transfer your property to your loved ones.

What You Need to Know
There are several reasons that may lead to an unsuccessful transfer of property to loved ones. For instance, most mortgages come with a “due on sale” clause that can get active on death. If the debt is not fully repaid, then the lender may foreclose the home. Not having a will or an estate plan is also risky, because in these cases, the Probate Code will determine who gets the home. If your kids have to go through probate it is a long and costly process.

Options to Consider When Passing Down Your Home
There are different ways to transfer property. Some of your options include writing a will, a revocable trust, a transfer on death deed, gifting with a reserved life estate, and selling. You should consult with an estate planning attorney in Lakeport for legal advice on the best options for you and your family.

Getting the Help of a Lawyer
Most of the time, people assume that will and trust estate planning is something they can do on their own. After all, you can get papers online and file them. But the reason you need an attorney is to avoid mistakes that can lead costly issues in the future. When you are planning for your family, you want to make sure everything is done right.

The Law Office of Dennis A. Fordham can help you to protect your assets and family. We will walk you through the estate planning process, ensuring you have all the information you need to make sound decisions.

“Serving Lake and Mendocino Counties for nineteen years, the Law Office of Dennis Fordham focuses on legacy and estate planning, trust and probate administration, and special needs planning. We are here for you. 870 South Main Street Lakeport, California 95453-4801. Phone: 707-263-3235.”