Nobody enjoys the process of estate planning in Louisiana. It can be difficult to think about what happens to your loved ones or possessions after you’re gone.
It might be tempting to just give a brief overview about where everything should go – for example, you might say all of your cars should go to one child and your investment accounts to the other. But not creating detailed estate plan can create additional problems for your heirs.
For some, the family home is the hardest part
Homes hold a lot of equity, along with sentimental value. If you weren’t clear-cut with how you want the house to be passed down, your surviving family members might find themselves fighting over it.
Even if you leave your home to your children equally, this can cause some friction. They might have many questions regarding selling it, living in it, or doing something completely different.
The financial burden of a house
If you leave your house in your name at the time of your death, it will be included in estate taxes. Depending on the home, this could cost your surviving family a lot to settle.
Many consider selling the property to one of their relatives before they die, but that’s not a feasible option if you want to remain in your home. You could also put the home in a trust, allowing your heirs to avoid probate court and, possibly, taxes.
What you decide is entirely up to you
There’s no right or wrong way to leave behind the family home to your loved ones. Odds are, you’ll have your own reasons for leaving your estate plan the way you want to.
Many parents might leave the house to their oldest child while giving their other children assets of equal value. Some parents might instruct their children to sell the house and split the profits equally in their will. Whatever you decide to create your estate plan, thoroughly research your options.