Every day there are more and more ways to plan for an estate merge. A good estate plan addresses a wide variety of issues meant to cover life – not only after death – but also incapacity. You will find many estate vehicles are aimed at avoiding probate. Read on to learn more about a particular type of real estate deed that can help with the aspect of probate in estate planning.
What's So Bad About Probate?
Probate courts and laws have been around for a very long time and, unfortunately, many of the laws that govern probate are antiquated and out of touch with modern issues. Probate laws are also often unnecessarily complex and difficult to understand. While many issues make probate unpleasant, probably the worse aspect of probate is how difficult it makes things for survivors. Beneficiaries must deal with legal matters while they are in mourning, and the probate process itself is long and expensive. It can take months for an estate to be finished with the clumsy legal process. With real estate comprising such a large portion of many estates, it's no surprise that a way to avoid probating real estate has been created.
Real Estate and Probate
If nothing is done to adjust a deed to avoid it, all real estate must be probated. The way real estate is handled with probate varies from state to state, but it's safe to say that avoiding probate can save everyone both time and money. For example, in some states, you must get not only one, but two professional appraisals performed on the home for probate purposes. Appraisals can cost hundreds of dollars and having two performed is sure to delay things. Also, selling a home while under probate can be extremely complicated and convoluted. If you are wondering what effect probate will have on your home after your death, speak to an estate or probate lawyer to find out more.
Real Estate and Life Estate Deeds
What if the addition of a name or two to a deed would entirely eliminate issues with probate? It's possible by using a life estate deed. Though known by various names, this type of deed designation is a simple and inexpensive way to deal with real estate and keep it out of the hands of probate. In most cases, you can alter deeds using a quitclaim form filed with your county clerk. With this form, you can add the names of those you wish to take ownership of the home along with you. When a person named on the deed passes away, the home automatically becomes the property of the remaining persons.
It really is just that easy to make plans for your home. Speak to an estate or probate lawyer about a life estate deed today.
