Probate is something you do not want your family to go through. At the time of death, a loved one’s estate can be thrown into the hands of the court if the will is not present and validly signed and notarized. A will is the key to the final wishes of a person and real estate is one of the major holdings affected by the person’s death. This is especially important for people who have living relatives and spouses who will be directly affected by the probate of a piece of real estate. In order to avoid the probate of real estate, five simple steps can be followed.
o If there is no will, get one. As our population ages, wills are often drawn up and filed in order to prevent the states from taking over any and all assets upon death. A will offers guidance for the courts and law officials as to the proper path of dividing the remaining estate belongings after death. If there is no will in place, the state can decide to hold the financial and physical belongings of the deceased for months or years before settling on a plan of action.
o Review beneficiaries. The beneficiaries on all real estate related documents and financial documents should be reviewed on a regular basis. Every year at the earliest, with a more common schedule of review falling every five years. This is especially important for younger families who may have children born into the families as the years pass. Divorces and remarriages are also proper times to review beneficiaries for any changes that may need to take place.
o Keep your documents safe. It is very important to keep all documents in a safe and secure place. When real estate enters probate, there will be a need for quick recall of all related financial documents. If these documents are kept within a safety deposit box in the names of both parties involved in the relationship or the real estate, the documents will be available for immediate withdrawal upon death.
o Will the real estate to trust. In order to avoid the probate proceedings and possible costly court dollars, leave the real estate you own to a spouse or a loved one in trust. This helps to alleviate any legal proceedings and stops the chance of the loved one from having to pay a huge inheritance tax on the real estate.
o Know the laws. Each and every state has differing laws regarding real estate probate. If you own property within the state you reside there will be different laws for that real estate than the real estate you may own outside of the state. Knowing these laws and following all laws and regulations regarding the avoidance of probate will help your loved ones pass the time after your death outside of a court room or attorney’s office.
Real estate probate is something that no one wants to be a part of. These legal proceedings can take weeks, months or even years depending upon the overall value of the real estate and the affected parties involved. The probate of real estate can be costly and time consuming, so learning the laws and following these tips is essential to avoiding the troublesome task of real estate probate. The Atelier