How best to transfer home to children

[Charlotte Iames]

What is the name of your state? Florida
My will was prepared in 1981 - is it still good? All property goes to my children equally. Is this the best way to transfer my home to the children or do I need a revokable trust? My home is the only issue as insurance policies, etc. all list the children as beneficiaries. Worried about whether or not they can receive the house without paying attorney fees, state probate. Thank you,

 

[NWFLGUY]

Get the Trust

I also am in Florida. The problem with using your will to transfer the ownership of the house to your children is that you are both delaying the transfer and making it more expensive for your children. Probate costs can run 8 - 10 percent of your estate and in Florida can take up to a year (except very simple estates). My advice would be to locate an attorney who works with estate planning to draw you up a revokable trust and transfer the house into it. This way, you would avoid probate (at least of the house) and the transfer would take place upon your death if that is what you direct in your trust document. The trustee would be legally obligated to follow your directions in the trust document. My wife and I had revokable trusts prepared when we got married 5 years ago and our total cost was under $1000. Good luck.