Let me start by saying that I am not an estate lawyer, so take anything I say here with a grain of salt. I just want to put a bug in your ear so you can start thinking of what the possibilities are for protecting your assets.
Whether you invested in property as a residence or for wealth building, the real estate you own is probably going to be the biggest investment you make and will also have a large return upon the sale. Because of this you are going to want to take extra care of making sure that your investment and your return are going to be protected and benefit those you have intended for them to benefit.
If your plan is to pass the properties to your heirs, then here are some things to think about:
Most of us think of as a will as just saying where our money goes when we die, and while that is a big part of what a will does that is not the only reason to have one. New parents are often reminded of their need for a will to help plan who will care for their children if they pass too soon. As a homeowner you should also have a will to help decide what will happen to your home after you pass.
First lets go over what would happen to your home if you pass without a will. If an Owner dies intestate- meaning without a will, then the state decided what to do with the property through a process called escheat. Typically, an appointed administrator will try to find heirs starting with spouse then children, parents, siblings, cousins, nieces/nephews, aunt/uncles. If the state cannot find someone to inherit the property, then it reverts back to the state or commonwealth. If you aren't a fan of allowing someone else to decide what happens to your things, then you will want to put in your will what you want to have happen to your property and who you want to have care for it. An estate lawyer can help you figure out what to do here, like if you will need to sell the property before divvying up the income or if simply willing the property will work better for you. What to do if your heirs are legally adults or not at the time they are inheriting, and many other conditions and situations.
Another thing you can talk about with your estate lawyer is having your property put into a land trust. This helps to protect those inheriting the property from having that information shared in public records. It's a private arrangement via legal contract (a trust) which places an individual or company as the owner of a property over which they do not have absolute authority that would typically accompany lad ownership (trustee). The person who granted the trust (aka the trustor or beneficiary) retains control over the property and decisions regarding the property. With a living trust you could put your property into a trust that day, or you can talk to your estate lawyer about using the language needed in the will so that the trust is created by your will at the time of your death as a testamentary trust.
Lastly, keep in mind that both real and personal property can be willed. So even if the family heirlooms like the drapes from your great aunt that reach floor to ceiling in your grand foyer, or the mantel piece your cousin hand carved for you are not part of the real property you are deeding, you can bequest them through the will as well, and use language to keep the two together through constructive annexation.
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