Shoudl The Family Home Stay In The Family?

Lots of people opt to keep the family home in the family by leaving it in their will

, whether as an asset or purely for sentimental reasons. However, it has become more popular for those who are retired to release equity from their homes, meaning they would not be available to inherit - this has prompted discussion on whether children should expect their parents to leave the family home to them or not.

Equity release schemes allow those wishing to free up some cash in their retirement to release equity from their homes and therefore have either a lump sum or regular income. The repayment for the lender comes when the house is sold, meaning it can no longer be inherited by the family. However the question of whether the family should be entitled to inherit the home hinges on many different factors.

As people tend to move around due to jobs or other factors, families are often miles apart - in this case, inheriting a parent's home that is far away could become a hindrance rather than a heartfelt gift. Many children are old enough to have their own homes by the time their parents pass away, meaning that they would often sell the home anyway as they have no practical use for it. People with children may often feel their home should not be inherited by their offspring as they would inevitably sell it, rather than uproot their lives and move to the old home.

Although some parents may wish to keep the family home within their family, it could be seen as a selfish expectation of children to inherit the house. Children wishing to inherit the home would therefore deny their parents the ability to release equity from the home and therefore make themselves financially secure for later years.

These days it is very common for people to have their own homes and lives by such a time that their parents pass away, and therefore has no need to inherit another; of course, in some situations it may be desirable to keep a family home within the ranks, such as especially old or unusual houses. However, by leaving their parents free to release equity from their homes it reduces any burden on the children to provide financially for their parents.

by: Elizabeth Bebbington

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