What makes a house a home? Is it the years you spend perfecting it and making it your own? Is it the echoes of laughter and crying, your children’s and perhaps even your own, that emanates from the very foundation of it in the form of memories? Or it how it seems to blend so well into who and what you are? One can never truly know the answer to this.
But if a house is beloved enough, it’s natural that you would want to leave it to your loved one, often your children, to give them a more tangible memory of you for the time that you might not be with them. This is a sentiment that is often associated with family or ancestral homes. Here are a few questions to ask yourself before you make the decision to gift your home to your children.
Can you give it to them loan and problem free?
Life definitely has ups and downs, and as part of our life, our home too would face it. Is your home free from loans and mortgage issues? Is the building safe enough for living, even today? Will they have to make many repairs in it, before it is habitable? Will they have to spend on court cases and maybe even a litigation lawyer Singapore? Will inheriting this home cause them problems and difficulties? Is this home really worth all the effort? Once you find the answer for this question, making any decision in regards to your home becomes easier.
Can they make use of it? Will they want it?
Though we might be pretty sure that they’d love to have our home; it’s always better to discuss this first. This is especially true if they happen to live away from you or even overseas. Talk to them about it and find out if they are interested in it. If they live overseas, it’s possible they might eventually rent it out to gain an income from your home. Are you ok with this?
Do you want to give it now? After you are gone? Is there a chance for a change of mind?
The above 3 questions especially have to be thought through with care. Remember that if a land is transformed (of ownership) while the previous owner is still alive, it might bring up problems regarding its mortgage and tax payment. In this case, it’s usually better to leave your home as a gift for your children as part of their inheritance. Speak to will writing lawyers for more advice regarding this.
Too much, too soon?
If your children are still pretty young and inexperienced, owning and inheriting property (among other things) might be a little overwhelming for them. Often, in cases like this, they end up overspending or not making proper use of it. If your children are too young to inherit your home, you might want to find a temporary guardian for them, until they reach a certain age; or suffice a certain condition you lay for them. But this, of course, only is relevant for children who are too young to make their own decisions…