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Deciding what to do with the family home in Florida

On Behalf of | Apr 17, 2023 | Estate Planning

It’s not easy for Florida families to make big decisions after their loved one dies. In addition to the logistical and financial decisions that must be made, there are also a lot of decisions that come with emotions tied to them. One decision that combines all of the above is what to do with the family home. Thankfully, there are things you can do in your estate plan to ease that burden.

Why the family home is a big decision

In addition to the sentimental value, there is a lot of financial value attached to the family home. Florida families who are estate planning of course don’t want their adult children to miss out on the windfall.

However, because of the sentimental and financial value of the home, just leaving it up to your children to figure out may cause some rifts. Many adult children may argue about what to do with the home.

Ways to pass on the family home

Many homeowners pass their home to their adult children through their estate plan as it allows them to stay in the home right up until they die if they so choose. But you have the option of selling your house to your children once they’re adults or transferring it to them directly.

You also might consider putting the home into a trust to avoid any estate taxes or probate costs. This might be a costly estate planning tool, and it can get complicated when you have multiple adult children.

What to do when you have multiple children?

You can leave very detailed instructions as to what should happen with the family home in your trust or estate plan. For example, if you want the home to be sold and for your children to split the profits equally, you can say that.

There are a million different ways in which you might pass down your home to your children. Without a detailed estate plan though, your children may have a hard time making decisions.