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How home ownership and estate planning go together

If you are a homeowner, you are likely well aware of all the particular responsibilities that go along with home ownership. In addition to your tax obligations, such as property tax, you also have insurance to think about and consider. 

One area that homeowners may neglect, however, is estate planning. Many people think that estate planning is only for the wealthy, or for elderly or retired people. The truth is that estate planning is a smart move at any age. Especially at a younger age, a comprehensive estate plan can give you peace of mind for the future, no matter what unexpected events may occur.

Estate planning for homeowners

Oftentimes, people avoid estate planning because they do not wish to discuss their own mortality. Advance planning is a smart idea because it ensures your family can accurately and efficiently carry out your wishes regarding your home and any other assets you wish to distribute following your death.

There are many options for homeowners when it comes to estate planning. Some homeowners may even choose to develop an estate plan that allows them to gift their property to heirs while they are still alive. Wills and trusts are some of the most common components in an estate plan, and trusts, in particular, can help you as the homeowner to minimize costs and delays for your family members following your death.

The house as the focal point for estate planning

Taxation and other legal matters regarding your home can create hardship for your family after your death if you do not decide in advance how to handle your homeownership. People who are not particularly wealthy may not have an extensive portfolio of investments or property, and, therefore, do not consider estate planning necessary. However, many people with a middle-class lifestyle do own a home, and as such, it is important for them to consider how they want their homeownership handled after their death. 

Do not fall under the misconception that estate planning is only for the rich or elderly. If you are a homeowner, you should make a comprehensive estate plan that includes your wishes for your home ownership after your death. In so doing, you can help your family avoid conflicts, confusion, delays and burdensome costs.

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