Beware of Unequal Contributions When Purchasing a House
At a time of record home unaffordability, more people are teaming up with friends and relatives to realize the home ownership dream. According to the National Association of Realtors (NAR), ...
Home Security Systems and Estate Planning
Estate planning helps bring peace of mind and a sense of security, both in our lifetime and beyond. While we cannot predict our fate, we can at least dictate how ...
What Is the Effect of an Unrecorded Deed?
What Is the Effect of an Unrecorded Deed? A deed is a legal document used to transfer real property ownership rights from one person or entity (the grantor) to ...
Three Celebrity Estate Planning Mistakes and Tragic Lessons
Three Celebrity Probate Disasters and Tragic Lessons One would assume that celebrities with extreme wealth would take steps to protect their estates. But you know what they say about those ...
Important Questions to Ask When Investing in a Vacation Property
According to the National Association of Home Builders, in 2018 there were approximately 7.5 million second homes, making up 5.5 percent of the total number of homes.[1] These homes are not only real estate that must be planned for, managed, and maintained, they are also the birthplace of happy memories for you and your loved ones. Following are some important estate planning questions to consider to ensure that your place of happy memories is protected.
Things to Consider Before Accepting Your Inheritance
The news that you will be receiving an inheritance is often bittersweet because it means that somebody close to you has passed away. But you might also have mixed emotions about your inheritance for reasons that have to do with the actual accounts or property you are inheriting.
Should I Transfer My Home to My Children?
Should I Transfer My Home to My Children? Most people are aware that probate should be avoided if at all possible. It is an expensive, time-consuming process that exposes your ...
Important Questions to Ask When Investing in a Vacation Property
According to the National Association of Home Builders, in 2018 there were approximately 7.5 million second homes, making up 5.5 percent of the total number of homes.[1] These homes are not only real estate that must be planned for, managed, and maintained, they are also the birthplace of happy memories for you and your loved ones. Following are some important estate planning questions to consider to ensure that your place of happy memories is protected.
If I Give My Home to My Child in My Will, Can They Take My Home While I Am Still Alive?
The short answer to this question is no. Naming your child as the recipient of your home in your will does not give them any right to your home while you are still living. However, understanding why that is the correct answer requires a little more explanation.
Using Beneficiary/Transfer-on-Death Deeds
If you own real property, such as a home, in your sole name but you have not created a trust and transferred your property’s title to the trust, it is virtually guaranteed that your beneficiaries (or heirs) will have to deal with probate after your death. If the time and expense required to create a living trust does not make sense for your situation but you still want to avoid the probate process, a transfer-on-death (TOD) deed may be the solution. A TOD deed (also known as a beneficiary deed) does what it sounds like it does—it transfers your real property to your selected beneficiaries upon your death, similar to a payable-on-death designation for a bank account or a transfer-on-death registration for an investment account.