When you can no longer care for yourself, and you do not have family nearby that can help you, you might have to make the decision to go into a nursing home, assisted living, or age restricted community where you rent but do not own. But, what do you do with your home? You can sell it, or you can leave it to your children. If it sits empty, it can fall into disrepair quickly, or someone could break into the home.
Selling Your Home
In some cases, putting a little money into your home can increase your resale value. You need to weigh your options by finding out how much it will cost to have someone make any repairs and what you would get if you sold the home as-is.
Leaving Your Home to Family or Friends
The other option is to leave your home to your children, family, or friends. You can leave your home during your lifetime to whomever you would wish when you have passed. However, a home is usually your largest asset and is not easily divided. Leaving a home to multiple people is generally inadvisable. If the home is a family farm or ancestral home, consider creating a residence trust to determine who has access to the home, who is responsible for the expenses and maintenance, and what happens to the home moving forward.
Changing Your Estate Plan
Moving from your home before you anticipated likely means you should update your estate plan. You should have a strong power of attorney and healthcare directive in place so others can step up and take care of your finances and medical needs. You should also expect to review your Will and finalize any gifts or beneficiary changes. If you have specific request(s) about your home, update them in your estate plan.
Our Georgia estate planning attorneys can help you make the decision that benefits you financially since there are costs involved in selling the home, including taxes, and can help you change your estate plan or create a plan if you’ve never had one. Contact our office at Grissom Law, LLC for a consultation if you need help with your estate plan and making decisions regarding your estate.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.