Yes, you read that correctly. For most people, buying a home is the single largest financial investment of their lives. Yet few home owners stop and consider what will happen to their investment if they die -- with pretty nasty consequences if they do nothing at all. If you die without leaving a will, state law decides what happens to your home. It may not be what you expect or want.
Each state has specific rules for distributing a deceased's property in the event that he dies without leaving a will. While the rules are too complex to explain fully, here's the gist of what will happen to your home.
As soon as a person dies, federal and state estate tax liens attach to the property she leaves behind. In simple terms, this means that the executor of the deceased's estate must pay the tax bill before he does anything else. If the tax bill is high, the executor will sell the deceased's home and other valuable assets to raise enough cash to pay the bill. A high tax bill can enormously reduce or even eradicate the inheritance received by your beneficiaries.
When writing a will the basic rule is, anything goes. As long as you validly prepare and sign your will, the court will follow your precise instructions. In other words, you can leave your property to whoever you please, including distant relatives, charitable organizations and friends. It's also possible to structure your estate to minimize tax liability. An estate planning attorney can help you do this.
If you buy your home with another person, such as your spouse, you may be able to bypass the probate process entirely. All states let co-owners buy property as "joint tenants." The primary benefit of a joint tenancy is that, if one co-owner dies, the survivor gets full ownership of the property. This happens automatically: there is no need to wait for a will reading or an order of the probate court. What's more, because a joint tenancy estate automatically passes to the surviving home owner, the property never forms part of the deceased's estate and is disregarded for estate tax. Some states have special arrangements for married couples that confer all the benefits of a joint tenancy and also include some additional tax breaks.
img src="http://ballenvegas.com/wp-content/uploads/2014/05/Lori-Ballen-Yard-Sign.jpg" srcset="http://ballenvegas.com/wp-content/uploads/2014/05/Lori-Ballen-Yard-Sign.jpg 768w, /Lori Ballen is a licensed agent with a real estate team licensed with Keller Williams Realty Las Vegas. When you choose Lori Ballen Team, you get skilled Real estate agents who specialize in particular niches, and geographic locations. Always in the top 1% of Las Vegas production, Lori prides herself on the continuing education and high level training she and the team members receive.
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Give us a chance to show you why Lori Ballen Team is the right choice for your real estate needs.
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