I own a condo and want to leave it to my daughter when I die. How can I make sure she can afford to maintain it?

Dear MarketWatch, I’m not planning on crossing over anytime soon; however, I’m at the age where I need to get my finances in order.

What exactly must I do to ensure she can sell the condo and secure the proceeds? Can a will protect her? Must I put her name on the mortgage? Do you have a question about buying or selling a home? Do you want to know where your next move should be? Email Jacob Passy at TheBigMove@marketwatch.com. So it’s good that you’re asking these questions now. For starters, if you have not done so already, you should consult with an attorney who specializes in estate planning to come up with the best avenue for leaving the condo to your daughter when you’ve passed away. Many people like the idea of creating trusts, because this can bypass the probate process and get the home into their heirs’ hands faster.

There a few other steps you can take now to ensure that she’s well prepared for those costs and responsibilities in the future. Nadine Marie Burns, a certified financial planner and president of A New Path Financial, recommends detailing all the expenses associated with the condo for one year — everything from taxes and mortgage payments to association fees and utilities. After that, you need to talk to your daughter, she suggested, so she’s well informed.

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