Can my children inherit my home in an Active Adult Community?

Grand CanyonIf the way you have chosen to take title passes that ownership on to your children, yes.

The one consideration is that your children will have to abide by the HUD age restrictions in order to reside in the property if they inherit from you, they will not be permitted to live in the property if they have children under 18 living in the household.  Inheritance is the purpose of the HUD 80/20 rule for 55+ Adult Communities wherein 20% of the residents may be 45+ years old.  All other Home Owner Association (HOA) rules must be followed as well. Inheritance can be a tricky situation, whether living in an adult community or not. Wills need to be written out correctly and divorce proceedings need to be properly finalised to ensure the inheritance of property, or whatever it is, will be given to the right person. Inheritance can also be difficult for the person gaining the property. It can be difficult to know what to do with it, as being left a house is a huge responsibilty that you may not have expected or planned for. This is especially difficult if you have little or no experience in real estate, whether that be you’ve had to sell a home, move into a new home or have construction done. Luckily, you can learn Everything Need To Know When Inherit Property on SimpleSale’s webpage. Inheritance doesn’t have to be difficult, and there are plenty of options of things you can do with the property; you will find the right choice for you.

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