Michael Fischer | Source | Director, Wealth Advisor at Round Table Wealth Management

The main reason to continue home ownership [into retirement] is that it may be cheaper than renting, especially if property taxes are manageable and the home is completely paid off. Some states even offer property tax reduction, property tax freezes, or an extra state income tax deduction for senior citizens. On the non-financial side, owning a home may provide more space to host family gatherings and spend time with grandchildren

But as with other investments, real estate ownership can be a great way to pass wealth to the next generation.

You should also become comfortable with the terms executor, trustee, health care proxy, and guardian and the roles each one would play if you were to pass away. Also important is to understand what property your estate documents will apply to. Assets like jointly held property (bank accounts, home), 401(k)’s, IRA’s or life insurance proceeds do not pass via your will, so it is important to take a coordinated holistic approach,