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What happens to your home when you die?

On Behalf of | Apr 30, 2021 | Concord Probate & Estate Administration Law Blog |

One question that may make a person feel uneasy is what happens to assets like their home when they pass away. The reality is that most adults should consider estate planning in California to ensure that their assets end up in the hands of those whom they want to have them. Otherwise, it will be up to state laws regarding intestacy.

Why do you need a will?

One of the big components of the estate planning process is creating a will. This legal document helps to specify what your wishes are regarding the passing on of your assets after your death. Creating a will is a necessity to ensure that the right people end up with the right stuff.

For example, if you want to have your home sold and the proceeds passed down to your two children, then you need to specify that in your will. If you want your vacation home to go to your youngest child who enjoys spending time there in the summer, then you need to specify that in your will. Otherwise, the probate process will simply disperse your assets according to the intestacy laws in your state.

Should you leave your home to your children?

Most people decide that they want to leave their home to their children in their will. However, they don’t think about the long-term impact of doing so. The reality is that unless your children need a home or want to move into your home after your passing, then it’s unlikely that leaving it to them is in their best interest. They will have to pay upkeep fees, taxes and so forth on the property every year. It likely makes more sense to sell your home and give them the proceeds from the sale.

While it may be unpleasant to think about what happens when you die, it’s a necessity that every adult needs to undertake at some point. The reality is that planning out the dispersion of your assets can help put your mind at ease and lessen the burden on your loved ones when you pass.