Estate planning plays an important role in real estate investing. You have likely seen what happens when a will ends up in probate, so you need to make sure that you have done everything you can to avoid that scenario for your own assets.
This article covers different options to consider.
Start A Living Trust
To get started, establish a revocable living trust and transfer the deeds into the trust’s name.
Get A Beneficiary Deed
This involves getting a second deed on every property that you own and assigning a specific beneficiary for each one.
Set Up Co-Ownership
To do this, your beneficiary would be on the title with you as a joint tenant with right of survivorship.
“Dealing with wills and estate plans can feel like a morbid topic and a lot of extra work to put on your plate. However, it’s worth doing the work ahead of time to avoid having your estate go through the probate process once you eventually pass on. A probate court can take years to decide how to disburse estate assets, especially when they’re as valuable as real estate.”