Are you thinking about estate planning? If so, one item to consider is whom you wish to leave any property to and the implications for you and the recipient. 

If you have an estate plan, you're in the minority. One survey finds that around 34% of Americans -- that's approximately one in three -- have a will. While that's a relatively low percentage, it's up 3% since 2022 and 6% since 2020. 

The survey, which reflects the responses of 2,400 American adults, shows that many people recognize the need for end-of-life planning. Even so, some demographics are less inclined to have an estate plan than in previous years.

If you’d like to be among the minority who do something about estate planning and make plans to leave your home to a loved one, here are three ways you can proceed.

1. Will

A will is one of the most common ways to leave property to a family member. You can hire a lawyer to help create a legally enforceable will that honors your wishes after your passing. 

While leaving property to someone in a will is relatively easy, there are some cons to be aware of. For instance, the assets will be subject to the expensive and time-intensive probate process. That might leave the recipient on the hook for a tax bill they can’t afford.

Another thing to consider is that leaving real estate to a loved one means the recipient must pay off the mortgage or any liens immediately. If the recipient cannot pay off any amount owing immediately, they will be left in a bad predicament. 

 You also need to consider things like future capital gains that can subject the recipient to a big tax hit if they decide to sell the property down the road.

2. Lady Bird Deed

Another option to consider if you want to leave real estate to a family member is a lady bird deed. You can use this method to automatically transfer your home to someone else after your passing inexpensively and outside of probate. 

You'll be able to enjoy and control the home while still alive. After your passing, the home will automatically be handed over to the recipient you choose. The lady bird deed is a type of life estate deed, but it also includes more powers for you as the property owner.

“A Florida lady bird deed must include several things,” says Gideon Alper, a lawyer at Florida-based Alper Law. His practice areas include estate planning, asset protection, real estate, adoption, and offshore trusts. “You need the name of the grantor, an enhanced life estate, a formal legal description of the house, the name of the beneficiary, and a homestead provision.”

3. Trust

You can also leave property to a loved one by setting up a trust. A trust is an independent entity where you can legally place real estate you manage as the trustee. When you pass away, the real estate will transfer to whoever you designate as the trust beneficiary.

One reason to consider a trust is that your home will technically be owned by the trust rather than by you -- from a legal perspective. This means that any real estate placed in the trust won’t be considered part of your estate and won’t be subject to probate after your passing.

These are some ways you can leave a property to a family member after you pass on. It’s always in your best interests to speak with a lawyer for help choosing the right way to go about this. The three options mentioned above aren’t the only possibilities. When you meet with a legal professional, you’ll get help finding the best way to accomplish your objective.