Homeowners Need Estate Plans to Protect Life’s Biggest Purchase- For most people, the home is their largest investment. Homeowner’s insurance is part of protecting it—an estate plan is the other.
Among singles of all genders, 16% have a will, compared to 37% of married couples. This is of serious concern, says a recent article from CNBC, “35% of Gen Z homebuyers are single women, research shows. Here’s why they need an estate plan.” It’s especially important for single people buying homes. More than a third of Gen Z homebuyers are now single women, nearly twice as many as single men.
An estate plan includes legal documents spelling out what you want to happen to assets, including the home, at death. It also addresses how you want your financial affairs managed if you become incapacitated, including the ability for someone else to pay the mortgage, utilities and keep your financial life in order.
A last will and testament is the document specifying who should inherit your home if you die. If a homeowner dies without a will, known as “dying intestate,” or doesn’t name an heir for the home in a will, state law determines who inherits the property. It may not be the person you wanted. However, it will be too late once you have passed.
Assets passing through a will go through probate. This is a court process of settling the estate and includes having the will reviewed by the court to ensure it is valid, having the executor approved, and having the assets distributed to the rightful heirs. Depending upon where you live and the complexity of your estate, probate can take months and can be expensive.
If you have any accounts with beneficiary designations, the people named as beneficiaries will receive these assets, which don’t go through probate.
Homeowners Need Estate Plans to Protect Life’s Biggest Purchase
Some people title their homes in more than one name, which can help if you buy the house with someone else. In some states, a Transfer on Death deed allows owners to designate a beneficiary to inherit property automatically upon the owner’s death. Talk with your estate planning attorney to see if your state allows this and be sure it aligns with the rest of your estate plan. Leaving the house to one child with the expectation that they will share the proceeds with siblings is a recipe for an estate disaster.
Leaving the home to multiple heirs may not be a good idea. If there are disagreements, like one person wants to sell, the other wants to rent out the house and a third wants to keep it, the dispute can create enormous costs and headaches.
Many people opt to put their homes inside a trust. This allows the homeowner to manage the home and lets the house pass directly to heirs without going through probate. Trusts are also used in homeownership to protect the asset in case an owner needs to apply for Medicaid to cover long-term care costs.
Having an estate plan, including a Power of Attorney for finances and healthcare, is as much part of adulting as owning a home. Homeowners, single or married, male or female, need an estate plan to protect their home, their families and themselves.
Schedule your phone consultation: THE LAW OFFICES OF CLAUDE S. SMITH, III
Homeowners Need Estate Plans to Protect Life’s Biggest Purchase
Reference: CNBC (April 16, 2026) “35% of Gen Z homebuyers are single women, research shows. Here’s why they need an estate plan”
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