First Of Five
Article 1: Why The Title To Your Home Matters
Buying a new home is exciting, but after closing, one important step is often overlooked: reviewing how the property is legally titled on the deed. The way your home is owned can directly affect what happens if you become incapacitated or when the property passes after your death.
Your deed should work together with your estate plan. If the ownership of your home does not match your estate planning documents, your wishes may not be carried out the way you intended. In some situations, an improperly titled property can even create unnecessary court involvement, delays, or added expenses for loved ones.
For example, many families create revocable living trusts to help avoid probate—the court-supervised process of administering an estate. However, creating the trust alone is not enough. The home must often be transferred into the trust’s name for the trust instructions to control what happens to the property.
Homeowners should also consider incapacity planning. If you become unable to manage your affairs, the title structure may impact who has authority to manage or sell the property on your behalf.
After purchasing a home, it is wise to review the deed, your estate planning documents, and your overall goals together. Small mistakes in ownership can create significant problems later.
A quick review today can help ensure your home is protected and transferred according to your wishes.
Questions about your estate plan? Call our office at (561) 694-7827 and schedule a consultation. Elder & Estate Planning Attorneys PA, 480 Maplewood Drive, Suite 3, Jupiter, Fla.
The content of this article is general and should not be relied upon without reviewing your specific circumstances by competent legal counsel. Reliance on the information herein is at your own risk, as it expresses no opinion by the firm on your legal needs. An attorney client relationship is not created through the information provided.
