For most people, their house is their biggest asset. It’s also their most considerable expense. Our experienced California estate planning attorneys understand that your house is more than an asset or an expense. It is your home, and there are pros and cons to selling your home when you retire.
What to Do With Your House in Retirement
There are financial and personal reasons to stay in your home after you retire. For example, you may decide to stay in your home to be in a familiar place where there are cherished memories. However, there are many factors to consider when deciding to move from or stay in the place you’ve lived for many years.
Reasons to Remain in Your Home
- Save money
- Be close to your family or social network
- Stay where you are comfortable and happy
Reasons to Sell Your House
- Your house is too big for your needs
- You need cash to pay for other things
- You want to move to be closer to family or friends
- You need to move to a more accessible living space
Let Our Estate Planning Attorneys Guide You
Deciding what to do with your home after retirement can be a complicated issue. Our attorneys can help you by having you consider all the issues and by helping you evaluate the following:
- The value of your home in the current housing market
- Where you will live next and what it may save you in property taxes, insurance costs, and maintenance repairs
- Whether your home is paid off or you still carry a mortgage, and what that means long term
- Whether you want to leave your home to an heir
Speak With an Attorney About Estate Planning
If you’re retiring and want to discuss what to do with your home, or you have questions about your estate plan, contact us online, or call us directly at 800-756-5596. We proudly serve clients throughout California.