Ohio residents who want to leave homes and other property behind for their children or other relatives need to think about a number of questions first. One of the most important quandaries they need to resolve is which, if any, of their children want the property. For example, heirs might not be enthusiastic about having to travel long distances to a family vacation home. The costs of property upkeep could also be unsustainable.
Deciding who will maintain a property is also important. Trust settlors may find it wise to include extra money to pay for such costs so that they don’t burden inheritors. As a general rule, many estates provide sufficient finances to cover upkeep for no less than five years.
The way a home is passed on could also lead to problems. To head off potential arguments, property owners should consider the benefits of including real estate in trusts whose trustees make important decisions while the heirs benefit. One important consideration in setting up a trust is that doing so includes its own costs and administrative fees. Equal ownership arrangements, on the other hand, might make it difficult for heirs to come to amicable decisions about the property’s usage and maintenance.
Creating a trust or other estate vehicle has numerous advantages, but these solutions are by no means universal. Each case needs to be considered individually, and people should pick the most appropriate strategy for fulfilling their ultimate goals. It can be difficult, however, to anticipate which forms of estate documents and arrangements might satisfy the needs of heirs years after a person’s death. Talking to an estate planning attorney may make it easier to make an effective decision.