When you want to leave a valuable asset behind for your beneficiaries, real estate makes an excellent gift. However, if you do not plan carefully, the property may have to go through probate court. Once it is in probate court, the court decides how to divide your estate and property. This means it may have to be sold and some of its value used to pay probate fees, taxes, attorney fees, and more. Even if the court follows your wishes as stated in your will, probate could mean a lengthy hassle for your heirs.
The probate process, which differs around the country, can take time to complete—possibly more than a year. To avoid probate (and its headaches) and to ensure that your property goes to your chosen beneficiaries, there are several steps you can take in advance. Here are some tools you can use for probate avoidance….