Do you have a will? If you have a home, here's why you should.

Having a will is often something people put off, either because they don’t want to think about their mortality or because they believe they don’t have enough assets to need one. However, having a will is crucial if you own a home – here’s why. 

Safeguard your assets

If there is no will when a person passes away, the estate has to go through probate court. This can be a time-consuming and costly process. And, it leaves decisions about your property in the hands of the government – not your loved ones. A will ensures your assets, including your home, are distributed according to your wishes without court intervention. 

Reduce financial stress for your loved ones

If you have dependents or beneficiaries, a will allows you to provide for their future by stipulating who will inherit your home. Knowing that your loved ones will benefit financially from the value of your home provides peace of mind.

With a plan in place for property inheritance, you can help your loved ones mentally and financially prepare to receive your assets. Many families and friends argue over a deceased loved one’s belongings because they did not specify their wishes before death. If you create a will, and talk with everyone about your intentions before you pass, you can smooth over family relations in the wake of your passing.

Minimize taxes and fees

Once a person passes away, federal and state tax liens attach to their property, meaning that the executor of the deceased’s estate must pay the tax bill before they can do anything else. By planning your will, you can potentially reduce taxes on your estate. 

Inheriting a home isn’t free. If you carry a mortgage, your loved ones will be expected to maintain payments. If your home is paid off, they will still be responsible for property taxes, insurance, HOA fees and other associated bills. That can be a lot to take on financially, especially if you’re unprepared to do so. Having a will gives your loved ones advanced notice of potential future financial obligations. This can help everyone involved build a plan that ensures your property benefits the family – whether they move in or sell after your death.

Owning a home is a significant milestone, and it’s essential to protect it by having a will to ensure your wishes (and assets) are honored. Don’t wait until it’s too late! Take the necessary steps to create a will and a legacy for your loved ones today.