Other people may admire and enjoy the home that you live in. Regardless of whether it was part of an inheritance or the result of a long-term plan to build your dream home, you may have family members other than your spouse or children who might have an interest in your marital home after you die.
Provided that neither your children nor your spouse will need the home during that time, you might want to consider your loved one’s interest in your house when you create your last will or estate plan.
While you obviously don’t want to leave someone your home while denying your spouse and children its value, that doesn’t mean you can’t give them the opportunity to make your home theirs with the right planning regarding your real estate assets during the estate planning process.
Your last will or estate plan can give someone a chance to buy the home
In most last wills or estate plans, the testator simply outlines how they want their assets to transfer after they die. However, you can also include extra clauses or provisions in your estate plan that can give you more options about your assets and legacy.
With a major asset like a piece of real estate, you can potentially include a right of first refusal clause that benefits your loved one who adores your home. At the time of your death, they will have the opportunity to make a fair market value offer on your property. That way, they can secure your home for a fair price, and you don’t have to worry about diminishing your estate by giving someone other than your spouse or children possession of your most valuable asset.