You have worked so hard to build a home. When the time comes for you to step over to the other side, you want your legacy to last forever by transferring your property to the next generation.
Whether it's your children, grandchildren, or even someone close to you, the transition has to go smoothly so your beneficiaries won't be overburdened by added liabilities.
There are ways you can pass on real estate to loved ones without much hassle on anyone's part. So, here are a few tips you should follow for an easier changing of hands:
1. Understand the finer points of preparing a will
A last will and testament is not just a piece of paper a lawyer reads to formally distribute your assets to deserving family members. There are technical aspects you need to understand as you draft out your will.
Under U.S. inheritance laws, for one, spouses are prioritized unless you specifically want a member of the family to get a certain share. At any rate, you will need the help of an inheritance lawyer to clearly determine the people who are entitled to the property in compliance with state and federal inheritance laws.
2. Create a trust to get around the probate process
The problem with preparing a will is the tediousness of the process itself. Not only does it take more than a few months to complete, probate processes are also very costly, more so if you own properties across various locations abroad.
Creating a trust acts as an alternative if you have certain goals to achieve in your estate planning. For instance, if you want to reduce taxes, putting your house in a living trust is less costly compared to passing it on as an inheritance.
But again, there are a lot of technical issues you need to understand for creating a trust. You still need professional help with building a trust as part of your estate planning. For this, you can hire a trust attorney at Brady Cobin Law Group, PLLC or any other reputable firm that has a track record in such a field.
3. Start early, move fast, and make the best possible decisions
Even if it takes a long while before your assets are legally turned over to your beneficiaries, the best advice you can get about estate planning is to be cautious and at the same time agile. In other words, if you want little to no issues in transferring your property to the next generation, you have to develop a strategy as early as you can.
That said, make sure you do the research on probate laws as well as the taxes you and your beneficiaries need to shoulder. Also, it’s very important to know who is getting the property itself. Although you might change your plans later on, there's no harm in getting a head start.
Don’t let your legacy go to waste. Let the next generation enjoy it as they see fit through effective estate planning.