WHERE THERE’S A WILL… AN ESTATE PLANNING GUIDE FOR REAL ESTATE INVESTORS
We see far too many families lose property and other assets due to poor or non- existent estate planning. As a real estate investor, estate planning is critical to be sure your wishes are followed after your death, to plan for state inheritance or estate taxes, and to plan how to pay for any estate settlement costs. HOW TO TRANSFER ASSETS TO YOUR HEIRS
A primary objective of an estate plan is to ensure that your assets go only to those you want to receive them. If you die without a Will (termed “intestate”), your property will be distributed according to state law, which may result in your assets being distributed in a manner not in accordance with your wishes. And, if proper prior planning is not done, estate and inheritance taxes, legal fees, and other estate settlement expenses can significantly reduce the legacy passing to your intended heirs. After death, probate will be required. It is a process in which the property listed in the Will is distributed to the named heirs under court supervision. Unfortunately, the probate process is frequently expensive, time-consuming and makes the contents of a Will a public record.
Making maximum use of non-probate transfer methods, such as revocable trusts, joint tenancy, community property with right of survivorship, or named beneficiaries, can help limit estate settlement costs and avoid the delay and publicity of probate. Here are four non-probate transfer methods you may want to consider.
MAKING MAXIMUM USE OF NON-PROBATE TRANSFER METHODS CAN HELP LIMIT ESTATE SETTLEMENT COSTS AND AVOID THE DELAY AND PUBLICITY OF PROBATE.
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