Transferring the Title to Your House After Death

 Posted on April 08, 2024 in Estate Planning

There are several ways you can prepare to transfer the title to your house after you are gone. Your options may include using a will, a trust, or a Transfer on Death Instrument (TODI). Some methods of passing your real estate on to your loved ones posthumously are more efficient - and easier for your beneficiary - than others. Your house is likely one of your most valuable assets. Most homeowners work hard to buy their homes and have put a great deal of work into it over the years. You have probably invested a lot of time, money, and work into buying and improving your home, so it is important to work with a Yorkville, IL attorney to make sure that your wishes regarding who should own your home when you pass away will be respected.

Ways to Transfer Ownership of Your Home After Death

An attorney can help you decide which method of planning for a loved one to take title to your house once you are not here to enjoy it any longer is likely to serve you and your beneficiaries best. Your options may include: 

• Will - A will is generally the least recommended method of passing on your home. If your house has to go through probate, it is likely that it will need to be sold to satisfy the fees and taxes associated with the probate process. There is also a higher risk that someone could contest your will. 
• Trust - A trust is usually a better option for transferring the title to your home posthumously. Real estate contained in a trust does not have to go through probate. Your chosen beneficiary will be able to transfer the title into his or her name much more easily if it is left to him or her in a trust. Your successor trustee will be able to help your beneficiary with this process. There is little chance of anyone challenging your trust. 
• Transfer on Death Instrument - This is a legal document that states that when you have passed on, the person you named should be permitted to transfer the title to your house into his or her name. Your beneficiary will usually only need the TODI and your death certificate to effectuate the transfer. 
• Co-ownership - Possibly the most seamless method of ensuring that your chosen beneficiary can keep your house after your death is to make him or her a co-owner while you are alive. Although this method carries some risk, as your beneficiary will have an immediate ownership interest in your house, they will not need to take any real legal action to transfer the title after you have passed away. 

Contact a Kendall County, IL Estate Planning Attorney

Gateville Law Firm is dedicated to helping homeowners plan for the seamless posthumous transfer of their real estate property. Our dedicated Yorkville, IL real estate legacy planning lawyer will work to find the best method for transferring the title to your home after your death for you and your intended beneficiary. Contact us at 630-780-1034 for a complimentary consultation.