What Selling Your Home Means for Your Estate Plan

Legal Article

What Selling Your Home Means for Your Estate Plan

Should I Use a Will or Trust?

If you are selling your home, reviewing your estate plan is necessary. Furthermore, when reviewing your estate plan, find out if you have a will or trust and what option is preferred in your individual situation. The most common reason why someone would choose a revocable trust is to avoid the probate process. A trust achieves this goal by having a property transfer at death pursuant to the terms of the trust rather than by a will. The probate process is both costly and time-consuming. Thus, while a trust may initially cost more than the preparation of a will, upon your passing, there can be significant savings by avoiding the probate process.

Should I Add my Adult Child or Other Beneficiary to the Deed on my Property?

The question posed above can be a difficult one to answer. When you add an adult child as a joint owner to your property, creditors are able to cease your asset even though your child did not contribute towards its purchase. Additionally, there are disadvantages to gifting your estate during your life instead of passing the property to your beneficiaries upon your death.

Should I Appoint a Power of Attorney?

A durable power of attorney (DPOA) is a crucial step you can take to avoid problems if you were incapacitated. Another benefit associated with appointing a DPOA is that you avoid costs associated with setting up a guardianship. This is crucial incase you become incapacitated and are unable to manage your financial assets or healthcare decisions.

Can I Ensure that the Profits from the sale of my home will go towards my care?

If you are capable, you can decide how your assets will be used. However, if you need care, a power of attorney is key to ensure that your family will have access to your assets and use them to provide care to you.

Contact Our DC Law Office for More Information

For more than 20 years, Antonoplos & Associates has practiced estate planning, probate, trusts, guardianship, and real estate matters. We represent clients throughout DC, Maryland, and Virginia

For more information on what selling your home means for your estate plan, contact us at 202-803-5676. You can also directly schedule a consultation with one of our skilled attorneys.