Here are our best tips for dealing with death and real estate.
Today, we are continuing our Three D’s of Real Estate series, where we talk about default, death, and divorce. In the second episode of our series, we’ll be telling you everything you need to know about death and real estate.
First things first, death can be a tricky subject to talk about. No one wants to think about something so morbid, especially if you or a loved one has lost someone recently. However, death is an inevitability; therefore, it is important we prepare for it in all aspects of our lives, including real estate.
Even with the best of intentions, dealing with death in real estate gets complicated very fast. I know from experience how tough this situation can be. Recently, my wife’s grandmother passed, and dealing with all the twists and turns of her estate made a rough situation even rougher. Fortunately, I had the experience of helping my clients through similar situations, so we were able to make it a much smoother process.
Basically, when a family member dies, you have a few options available to you. The first, and most well-known option, is to create a trust for their holdings. While it does cost money, a trust helps you avoid probate and all the legal headaches that entails. The second option is a transfer-on-death deed. A newer option, this deed allows you to transfer your property to any person or entity that you like.
My last piece of advice is to set up a consultation. The truth is, dealing with mortality is a very emotional experience, and the last thing you want are real estate headaches. That’s why I highly recommend setting up a consultation with a good local Realtor. We can help you figure out steps one, two, and three so you can focus on what’s really important.
If you have any questions about creating a trust, getting a transfer-on-death deed, or anything else related to real estate, do not hesitate to reach out to us. We are always happy to help.