Home Owners
I recently paid off my home.
Recently lost my husband, now I want (5) Grandchildren to have the house when I pass away.
What do I need to do?
Thank You,
Terry Says
This is the time to create your OWN estate planning documents. You’ll probably want to create a revocable living trust, and re-title the home in the name of the trust. You’ll need an estate planning attorney to do that. Watch this video for an explanation:
https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
And you should use a FeeOnly FIDUCIARY advisor to review your entire retirement income situation. And how you will support yourself in your home. Yes it makes sense to stay in your home, because at your death there will be no taxes on the gains over the years. But is it realistic to think that you can live there alone, and cover your expenses, in your remaining years?? That’s the reason for getting unbiased advice.
Start by watching this video. Then go through the Wealthramp process of being matched with a fee-only advisor, who is not trying to sell you something. That’s the right way to start. And this advisor could help you find an estate planning attorney if you don’t already have one.
