In an estate plan, when you die, it is you who decide who you want your property to go to, and how you want them to receive it. Any land and any improvements such as a house or a culture that has been made on this land are considered real estate. When you leave a person, you have several options. The options you have depend on certain factors such as:
Who do you want to transfer it to?
How much control you want to have in your life.
The worry if it will be sold to pay your debts.
Transfer your property by will
When people die, they usually use a will to transfer their property. This process consists of ownership through the probate process, which is the legal transfer to the beneficiaries. If the person has died with a large debt, the real estate may be sold or liquidated to raise funds to pay the debts. Thus, a will may not be a surefire way of transferring real estate property to predefined owners.
Transfer your property into a trust
There are other ways to transfer your real estate to a beneficiary, for example by creating a living trust. This means that while you are alive, you transfer the title of the property to your trust. When you die, the trust transfers the property to the beneficiary you have already predetermined. This does not always protect your property from a sale if you leave a significant amount of debt, but it avoids the approval.
Create an estate
Giving someone a real estate property on your property is another way to transfer the use of real estate. When you die, the property is left to that person, but they do not own it. This person only has the right to live in this property. When the life estate beneficiary dies, the property is then transferred to another person named in your will.
Estate lawyer can help you
The laws surrounding the transfer of real estate in an estate plan are complex because each case and the laws of each state are different. This article gives you a brief overview of this topic. If you want to get more information on this topic, contact a domain lawyer.