If you are doing your estate planning, you may wonder what is the best way to deal with a house. Should you allow it to go through probate with the rest of your estate?
Or is there a better way to manage it? Read on to learn some important facts about probating your estate.
How should you handle your real estate?
If you want to spare your loved ones the hassle of going through probate with your family home (or any other real estate), there are three legal ways to avoid probate. They are:
- Joint ownership with your intended beneficiary
- Including it in a living trust
- Obtaining a transfer-on-death deed
Other than the above, even with a last will and testament in place, your property must go through probate, which can take a year or even longer in complex estates with battling beneficiaries and heirs.
Not everyone can manage probate
Choosing the right executor is important when doing your estate planning, as not all heirs or beneficiaries are adept enough at the legal proceedings to manage the probate of your estate. In cases where the executor is overwhelmed or unable to complete the process, it often makes the most sense to seek professional guidance to ensure everything is done legally and accurately.
When considering whom you want to appoint as executor of your estate, think about their strengths and weaknesses. You might want to avoid choosing someone who may be easily persuaded by other heirs to allow them to assume ownership of assets in your estate before it is legally permissible to release them. This is where a professional can be quite effective at following all aspects of the law.