{"id":35393,"date":"2020-05-15T11:01:12","date_gmt":"2020-05-15T15:01:12","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=35393"},"modified":"2020-06-11T05:52:24","modified_gmt":"2020-06-11T09:52:24","slug":"how-to-tie-in-an-estate-plan-with-a-new-home","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/how-to-tie-in-an-estate-plan-with-a-new-home\/","title":{"rendered":"How to Tie in an Estate Plan With a New Home"},"content":{"rendered":"
Most families do not want to have to enter probate after the passing of a loved one because the trauma from the loss is bad enough. To define probate, it happens when the property of your loved one must pass through the court system before it gets distributed. This punishes those left behind, which is why it makes sense to have an estate plan. An estate plan keeps the trauma to a minimum, and you want to keep this process as simple and straightforward as humanly possible. How can you tie in an estate plan with the new home that you bought so that your loved ones will suffer the least? Let’s have a look at how you can go about doing this.<\/p>\n
<\/p>\n
Without estate planning, the property will be vulnerable if any discrepancies arise. For those who do not have estate planning, decisions like medical care, property and final arrangements will be left up to question. In other words, things will happen without your final input.<\/p>\n
The division of the home at your death will go according to the hierarchy of the survivors based on state laws. In addition, the execution of the will gets carried out based on the whims of a relative or community customs, and you may not find it favorable to how this happens. That’s why estate planning matters. You want it to match the wishes that you have, rather than it matching someone else’s plans.<\/p>\n
<\/p>\n
Before you tie in your home with your estate plan, you have a few questions that you may want to ask yourself like:<\/p>\n
Once you have asked yourself these questions, the next thing that you will have to do is draw up the legal documents that will protect your decisions made for these estates. You have a few different documents that you want to keep in mind when it comes to this.<\/p>\n
<\/p>\n
Let’s say that you have joint ownership of the home. At your death, the home will automatically pass on to the survivor without question. This type of ownership doesn’t go through probate. This works well for survivors who are spouses, relatives and close friends. You have to always consider someone who won’t take this for granted and squander the property.<\/p>\n
Keep in mind, if you don’t have your loved one’s name on the deed for the home, they don’t technically own it, and it could be taken from them. That’s why you may want to consider joint ownership of the property.<\/p>\n
<\/p>\n
Most people think of the will when it comes to estate planning. After you have gone out and bought a home, you should have this on your will. A lot of problems arise that can tear apart families without a will. The will directs how the estate gets divided at the person’s time of death. You can use software to draft up a will, or you can pay an attorney to do this. It especially becomes valuable to have an attorney on hand for doing this when you have a bigger estate because they can help you with the proper estate planning and ensure that everything goes according to the most current laws.<\/p>\n
<\/p>\n