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Single parent and kids under 18? What to know about your house if you pass away.
I’m a single parent. What happens to my house if I die before my child turns 18? Your child may ultimately inherit the value of the home. But if they’re still a minor, who actually manages that house for them can become the much bigger question. And that’s something you probably don’t want to leave for a court to sort out. Think about everything that would need to happen immediately. Who makes the mortgage payment? Who pays the property taxes and insurance? Does someone keep the house so your child can continue living there? Or does it get sold? Who gets to make that decision? And at what age do you actually want your child to have control of what could be one of the largest assets you leave behind? This is all part of making sure there’s a plan for your child if you’re no longer there to make those decisions yourself. Retitling the home into the trust with proper guardrails can be one way to give someone you choose the authority to manage the home and other assets for your child, while also establishing when and how your child eventually receives them. And the planning shouldn’t stop with the legal document. Your home title, life insurance, retirement accounts and beneficiary designations all need to work together with the estate plan your attorney creates. If you’re raising kids on your own, this is a conversation worth having before anyone ever needs the plan. We’re happy to help you think through the financial pieces and coordinate them with your estate attorney.
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