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Estate planning, your home and your kids

Many of our Texas readers are homeowners, meaning that they have to take this asset into consideration during the estate planning process. While some people leave their home to their children, others think twice before making this decision.

Your home may be your largest asset, which is why you are sure to pay a lot of attention to it when planning your estate. Before you decide to leave your home to your children, however, you should think about what this will mean to the future.

Many families have been torn apart because of this. For example, the more children you have, the better chance there is that a fight will ensue. This is particularly true if one child feels that they are getting the short end of the stick.

To avoid family drama now, while also protecting your kids against this when you are gone, it is important to put plenty of time into the creation of your estate plan. This will give you the opportunity to compare the pros and cons of leaving your home to your children. You may also find that there is something else you can do with your property that makes more sense.

When deciding whether or not to leave your home to your children, consider various questions. Do all your children get along? Will they be able to work out any problem that comes up? Would it be best for you to sell your home and distribute the money before passing on?

There are a lot of questions that come up during the estate planning process, with the topic of what you will do with your home one of the most important.

Source: The Fiscal Times, "Should You Leave Your Home to Your Kids?" Sheryl Nance Nash, Jun. 05, 2014

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