Tip Tuesday: Property Ownership
Help a sister out! Or a wife, or a child, or a parent. Take steps now to make things easier for your loved ones when you die.
Note I said "when," not "if." We have solved a lot of puzzles during the history of the world, but we haven't yet solved mortality.
I don't mean to be the bearer of bad news, but you are going to die. At some point. So be proactive, and save your family the agony and frustration of dealing with probate courts.
One way to do that is addressed in today's #TipTuesday.
Perhaps you own a home in Myrtle Beach, a timeshare at Disney, a log cabin in the Shenandoah Valley, or a condo in New York.
If these properties are titled in your name, then upon your death, your Executor will have to open up a probate file in each and every state where you own property.
Not only is this insanely expensive (can you imagine paying court costs in multiple jurisdictions and having to consult with and hire a legal team across multiple states?) but it is also needlessly time-consuming!
Why subject your family to this when it can so easily be avoided?
Deeding your real estate to a Revocable Living Trust will allow your family to avoid opening up ancillary probate actions in other states. This could result in thousands of dollars of savings to your family! Don't you think they're worth it?