The family home is a unique asset because it has both sentimental and financial value. As such, many parents are inclined to leave the property to their children. If you want to leave the house to your kids, too, there are a few different ways to do so. Here are some of the most common estate planning strategies for transferring ownership of the family home to the children. 

How to Leave Your Home to Your Kids 

1. Bequeath It in Your Will 

Adding the family home to your will is perhaps the easiest way to leave it to your kids. If you opt to take this route, each child will inherit an undivided interest in the property, unless you state otherwise. As such, they'll have to decide together what to do with the property. For this reason, it’s wise to confirm your kids are on the same page. Otherwise, a contentious dispute—that potentially ends up in court—could result. 

2. Create a Living Trust 

If you transfer your home to a living trust while you’re still alive, it won't have to pass through probate upon your death for your children to assume ownership. Additionally, you can maintain some control over how it’s distributed when the time comes, thereby mitigating potential conflict. For example, if one child plans on remaining in your hometown while the other intends to move to the mainland, the trustee you originally named can award the former the home and the latter an asset of equal value.  

3. Modify the Property’s Deed

An estate planning attorney can help you modify the property’s deed, so it becomes a Transfer on Death Deed (TODD). If a home has a TODD, it will pass to the designated beneficiaries upon the owner’s death. Adding your children to the deed as joint tenants with right of survivorship is also an option; however, should you take this route, you will be relinquishing some control over the property to them. Should you want to refinance, for example, you’ll have to obtain their signed authorization first. 

For help implementing one of these estate planning arrangements, turn to Wills and Trusts Hawaii. Based in Honolulu, this firm is proud to help clients across Oahu plan for all eventualities. Their knowledgeable attorneys will evaluate your situation and propose practical solutions for preserving your legacy while also providing for those you care about most. To schedule a consultation with an estate planning lawyer on their team, reach out online or call (808) 792-8777.