I own two homes and would like each home to be willed to each of my children. I was considering making one of each child co-owners of the property I wish for them to have after my death. The other option is to appoint an executor to be responsible for making sure my wishes are carried out. What is the best way to assure each child will receive my property as I wish after my death?
It sounds like you have some very specific wishes about what you want to happen to your real estate after your death. I would encourage you to meet with a local estate planning attorney to create an estate plan to meet these wishes. Depending on the local laws in your area, you will likely need a will and/or trust to make sure one house goes to each child the way you want. You should NOT leave things up to an executor to distribute the property upon your death becuase you never know if that person will actually follow your wishes. Due to the fact that you have a very specific idea in mind for the distribution of your property, it is best to meet with a qualified estate planner to get a written plan in place. Good luck!
You should have a Will prepared that specifies your precise wishes with regard to the property and which covers what should happen in the event one or both of your children predecease you. Do not rush into joint ownership with your children without proper legal advise as joint ownership has at least as many potential disadvantages as advanges so this option must be considered carefully.
Very truly yours,
NOTE: This answer was prepared for educational purposes only. By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question.
While the estate and gift tax is not an issue, you might want to give each house to the respective child now, and retain a life estate to yourself. That way, you retain the right to live in either and keep any and all rents and profits form each during your lifetime, but the title would already be in the child's name now, so no need for a will or trust would exist. if you or your kids have liability concerns, you may want to consider a living trust whereby each child is the beneficiary of the respective properties in the trust. Visit a local real estate and probate lawyer to discuss your options.
Years licensed, work experience, education
Peer endorsements, associations, awards
Publications, speaking engagements