Passing your home to your children is not as simple of a process as it seems. Learn why on this #WebinarWednesday replay with Attorney Bob Mannor.
When you’re no longer residing there, will your kids get the house? It seems like such a simple question and answer…. But of course, there’s a catch. On this webinar, Bob will explain the do’s and do not’s of passing your home to your children.
Passing On The House – How Can It Go Wrong?
What happens to your house if you have no Will? Most people assume that if they pass away, their house would automatically go to their children. Unfortunately, that is not the case.
Another common misconception is that if you pass away without a Will, all of your belongings (including your home) will automatically go to the state. Additionally, this is also not the case.
Not having a Will of your own means that the State of Michigan has written a Will for you. It’s not guaranteed your wishes would be granted by the state. This is especially true in the event of blended families and multiple marriages.
Probate Court – Is it Bad or Necessary?
Is probate court bad, or is it just necessary? The answer to that question is, “both.” Often times probate can be avoided. There are drawbacks to the process for those you leave in charge. It can be a lengthy and difficult process. However, probate court serves an important purpose. \
When you don’t have a clear, legal plan for your belongings after you die, it is the court’s job to determine a plan for you. The court can also ensure the person who is in charge of your estate is moving through the probate process in a timely manor.
While an important goal of Estate Planning is to avoid probate court, even having a Will can help determine the probate process will go in your intended direction.
Want To Be Sure The Kids Will Get Your House?
There is a lot more to this process, as Bob explains in the video. However, every family is different! Check out the video above and contact our team with any questions.