A home is frequently a person’s most valuable asset, and how it is titled matters. The way ownership is recorded can determine whether the property passes smoothly to loved ones or becomes subject to probate. In many cases, the default title selected at closing does not align with a homeowner’s long-term estate planning goals.
It is also important to ensure the home is properly incorporated into an estate plan. This may involve updating an existing trust, retitling the property, or creating a plan for the first time. Without coordination, even a well-intentioned estate plan may not work as expected.
New homeowners should also take this opportunity to review core estate planning documents, including:
- a will or trust
- financial powers of attorney
- healthcare directives
These documents ensure that someone can manage property and financial matters if you become unable to do so and provide clear direction about your wishes.
Addressing estate planning shortly after purchasing a home helps protect the investment and provides clarity for the people you care about. Taking action early allows homeowners to make thoughtful decisions rather than leaving important matters unresolved.