-- For most people, real estate will be their biggest investment, so it should be a foundation stone of estate planning, disclosed Estate Planning Attorney Dennis Toman.
For more information please visit https://www.elderlawfirm.com
Estate plans consist of a last will and testament, a durable Power of Attorney for assets such as finances, real estate, and health care, and revocable living trusts. If a person becomes incapacitated, an executor overseeing the plan may well handle the property.
The founder of The Elderlaw Firm in Greensboro said: "Buying a home is a significant financial and emotional investment. To ensure the long-term security of such assets, estate planning should be an integral part of any homeownership journey."
How a property is owned or titled will significantly impact people's lives and how it is handled in the estate plan.
Toman said that a property jointly owned, such as a spouse or family member, should be relatively straightforward as the real estate passes directly to that named person on the property title deeds.
If the property is owned by more than one person, it is assumed to be a tenants-in-common scenario. This means no tenants in common will have no right of survivorship.
He said: "If you own property as tenants in common, then you can bequeath your property interest to your heirs. As part of an estate plan, you can pass property to heirs via a will or a trust."
He advised a new property owner to seriously consider following through and seek advice from an estate planning attorney on how to protect or utilize the property in future estate planning considerations once they had moved in and settled.
"Estate planning can protect your home and other assets from legal problems, family disputes and even creditors," said Toman.
He outlined some tools geared toward real estate in estate planning. For example, a life estate allows a person to pass their property to heirs while they continue to live there until they pass away.
Another option is a Qualified Personal Residence Trust, which allows the grantor to continue living in the property while enjoying tax breaks. A Qualified Terminable Interests Property Trust typically allows a person to preserve an inheritance for children from previous relationships while providing for a current spouse.
Toman added that a Revocable Living Trust enables a person to transfer control of entities included in the trust without judicial intervention.
"Estate planning allows you to define how your home and assets will be distributed among your heirs and beneficiaries," he emphasized. "A well-structured plan can offer heirs the potential of lengthy and costly probate and ensure a smoother transfer of real estate and other assets."
Toman recommended seeking advice from estate planning professionals, concluding: "By taking a proactive approach, homeowners can navigate the complexities of homeownership. This will give them peace of mind and security in the future.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com
Release ID: 89180914
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