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Is it wise to leave your home to your children?

Many parents dream of passing their assets on to their children. They want the family home to stay in the family, for instance, so they plan to give it to the kids in the will. After all, so many good memories are connected to that space.

The problem is that those good memories could be erased by fighting, disagreements and resentment between children after they get the home.

One woman warned that she and her siblings went through a lot of drama when they were put in that situation. She hated it. As she made her estate plan, she decided not to leave her home to her kids. She'd just sell it and leave them money, instead.

The problem is that the children may not always agree on the best course of action. They'll fight over what to do, and those who do not get their way may become very angry with those who do.

For instance, perhaps your daughter is very well off financially. She doesn't need money, so she wants to keep the home in the family, using it as a vacation home and a gathering place for the holidays.

At the same time, your son has not done as well financially. He was hoping to sell the house because he has nothing in his retirement fund. He wanted to retire with that cash on hand.

So, who wins? If it's your son, your daughter loses a place that means so much to her and her dreams of those family holidays coming back to the house. If it's your daughter, your son can't retire and faces a financial crisis.

Obviously, the right thing to do depends on the specifics of your situation. Just make sure you talk to the children, find out what they want and look into all of your legal options while building a plan for your estate.

Source: The Fiscal Times, "Should You Leave Your Home to Your Kids?," Sheryl Nance Nash, accessed March 13, 2018

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