In the eyes of the law, your home is a collection of several types of property along with their associated property rights. When the time comes to pass your home on at your death, the law, rather than any sentimental attachments or fond associations with the house, is what matters.
Many people think that owning property jointly allows them to avoid probate completely. Probate is the court process of transferring a person’s solely owned accounts and property that has no beneficiaries when the person dies to their heirs-at-law. While joint property ownership avoids the probate process when the first owner passes away, it does not guarantee that probate will be avoided forever.Many people think that owning property jointly allows them to avoid probate completely. While joint property ownership avoids the probate process when the first owner passes away, it does not guarantee that probate will be avoided forever.
While a house can be a generous gift that might seem like a windfall, the financial and practical realities of owning a home can quickly turn that gift into a burden for heirs who are not fully prepared.
From unrecorded deeds to accounts held solely in a deceased spouse’s name, many people discover too late that what they thought they owned is not legally theirs. When that happens, the fallout can be costly, time-consuming, and deeply disruptive.
5 Things to Talk About with Your Family You intend to pass along your hard-earned money and property through your estate plan, but what about your wisdom? Ensuring that you
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