Having someone else live in your Michigan home might not be something you’re considering. However, thinking about your property’s future owners is smart to do before it’s too late. Fortunately, by learning estate planning tips, you can resolve home-related matters now.
Inventory your property from the inside out
It’s common for homeowners to store their treasured belongings in their homes. While you may gift a home to someone you love, that doesn’t mean you want this person having everything inside it. Chances are, you have things in your house you want going to other beneficiaries. Having a trustworthy third-party inventory and catalog your belongings keeps your estate in order.
Set aside money
In a perfect world, you could facilitate a way for an heir to instantly move in and become your property’s new owner. However, that’s rarely the case. In most cases, even with proper planning, you can expect to wait at least six months before home ownership transfers occur.
In the meantime, setting up and funding an account for a beneficiary helps them plan for a temporary rental property, repair costs, and other expenses. The funds in this account can also provide for costs related to a new home’s property taxes and potential homeowner’s association-related expenses.
Have an updated estate plan
Estate planning ensures the carrying out of your final wishes. But for this to happen, your estate plan must be current. Experts recommend regularly reviewing and updating this plan as your final wishes and circumstances change.
Giving your home to a beneficiary is a thoughtful and often life-changing gift. Before someone becomes the new owner of your home, it’s wise to make the property transfer process as smooth as possible.