Including your home in your estate plan ensures that it’s smoothly
transferred to your chosen heirs. By following simple steps like reviewing your
deed, creating a will or trust, and considering tools like a Transfer on Death
Deed (TODD), you can avoid potential legal complications and ensure your
property is protected. Here's how to get started.
· Review Your Deed: Check how
your home is titled. If it’s held jointly with someone else, like a spouse, it
may automatically transfer to them upon your death.
· Create a Will or Trust: In your will, specify who will inherit your home. Alternatively, consider placing the home in a living trust, which can help avoid probate.
· Consider a Transfer on Death Deed (TODD): Minnesota allows you to sign a TODD, which designates a beneficiary to receive the home upon your passing without going through probate.
· Update Your Estate Plan After Major Life Events: Marriage, divorce, or the birth of children may affect how you want to distribute your home, so make sure to keep your plan current.
· Work with a Professional:
Consult an estate planning attorney to ensure all documents are correctly drafted and legally binding.
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