Various Ways to Will/Bequeath Your Home to Your Heirs

Did you know that there are various ways to will/bequeath your home to your heirs while at the same time avoiding probate?  You can record a beneficiary deed upon your death, record as joint tenants with right of survivorship (if other than a spouse) or if a spouse, community property with right of survivorship.  BUT, what happens if you still owe money on your home?  You can still do the same thing but you must check with the Mortgage Company or bank to see if there is a due on sale clause if you transfer it into a trust; otherwise, you can record a beneficiary deed until the loan is paid.

Also, did you know that if someone dies and leaves a mortgage, most institutions do not care who pays for the outstanding debt as long as it is paid.  So, if a bank attempts to have you and your adult child refinance/assume your loan, you may want to consider doing a beneficiary deed, which would save you thousands of dollars in loan fees.