Real Estate

Thursday, July 19, 2018

Keeping Your Home Out of Probate

By:  Jennifer Boston

Buying a house is probably the biggest and most expensive purchase you will ever make, so it’s important that you ensure that house will be handed down as intended upon your death. There are various methods to transfer your home and avoid probate, such as co-ownership, life estates, and various types of deeds. Two common options for doing this are (1) filing a Beneficiary Deed, which will transfer the property to the designated beneficiary after your death, or (2) transferring your property to your existing revocable trust with a General Warranty Deed.

A Beneficiary deed allows for an owner’s property interest to be transferred on death, to their chosen recipient, without the property getting involved in the time consuming and expensive process of probate. The deed must be filled out, signed in front of a notary, and filed with the recorder of deeds in the county where the property is located.
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Wednesday, November 2, 2016

What Should I Do With My Vacation Home?

Ah, the vacation home:  a place of relaxation, where your family can enjoy time together and build memories.  Inevitably, some of your children will love the vacation home and others will have no interest in using it.  How do you balance these interests in planning for your vacation home?

Does your family wish to keep the vacation home?  Before you invest in expensive, complex plans, you should determine whether your family members are interested in keeping the vacation home in the family.  If the next generation has no interest in the property, your trustee or personal representative can simply sell the property and divide the net sale proceeds among your beneficiaries.  If at least one beneficiary is interested in keeping the property, you may need to consider additional issues (below) to help you structure ownership and use of the property.
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