Should You Leave Your House to Your Kids in Your Will?
Many determining factors go into the decision to leave your home to your children in your will. It’s important to figure out if your home has any value; the last thing you want to do is leave your children a home that they can’t afford. You should have a discussion with your kids to find out if they want the house or not. Finally, if your kids get along, it’s much more likely that they will come to an agreement on the home rather than getting into a conflict.
- You need to see if your home is actually worth anything before leaving it in your will. A lot of this depends on mortgage debt.
- If your kids don’t want the house, it might not be a good idea to leave them the house as it will just be a burden on them to sell it.
- If your kids get along, it’s a lot more likely that they can come to an agreement on what to do with the house. It’s always safer to leave it to your kids if they get along.
“Many times, it’s not just a home’s emotional value that makes people decide to leave the house to their heirs.”