It could be very problematic for your loved ones if your real estate gets stuck in probate after you die. You can, however, take positive steps to plan ahead to ensure that your real property skips the process of probate altogether. An important component of any person’s estate planning is determining what happens to your real property.
This might also be referred to as real estate and refers to anything that is permanently attached to the land, such as buildings, fences, trees or houses. Making a plan for what happens to your real property could save your loved ones frustration and money after you pass away. Using a will is an effective and simple way to transfer real property to a new owner after you die. You can include a simple description of the property in your will document and state who you intend to receive it when you pass away.
The downside of using a will for real property transfers, however, is that anything listed in your will does go through the probate process but can be unnecessarily expensive and time consuming. It is also likely the case that your real estate is your most expensive asset and therefore, one of the most expensive assets inside the probate process.
Since probate can last for many months or even years, the new owners may be blocked from refinancing, transferring or reselling the property. Avoiding probate is a common goal of the estate planning process because it can save your loved ones time and money. With real estate being one of the most complicated types of property, it pays for you to do some planning in advance with the help of an attorney.
You can avoid these problems by using co-ownership, a transfer on death deed or a living trust. To learn more about which one of these is most appropriate for your situation, set up a time to speak with a Pasadena estate planning lawyer.