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No. of Recommendations: 3
bighairymike:

{{{One wrinkle is that we're now renting. I'd always assumed "paid-for house" would be part of our retirement balance sheet, but we moved a couple of times recently for family reasons, so, so much for that. We're pretty happy here, and the rent is reasonable, so we'll just stay put indefinitely. The odds of the rent increasing to unaffordable levels are low, for several reasons, but if that does happen we'll probably buy something then.- YewGuise}}}

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"As long as you are comfortable with being a renter, not owning a house does make for a simpler estate plan. In my case, I have two kids but only one pretty valuable property. I don't want to leave the property to both of them, where they have to agree on everything from maintenance to taxes to realtor selection to evaluation of offers. It will lead to lots of friction. So I haven't quite decided details yet but my general plan no joint ownership of anything so leave my land and personal property to my daughter and balance that with a bigger slice of my investment accounts to my son."

Have you had any conversations with your children about this plan? The land comes with annual tax and insurance costs, and eventually more substantial costs of sale.

And personal property can be divided between the two without joint ownership instead of giving it all to one child. Curious as to why yo believe that your daughter would prefer the land and personal property? And personal property can have different sentimental value to each of the two
of them (or no sentimental value at all).

Regards, JAFO
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