There are two basic way to transfer real estate after the death of the owner of the property. The most popular way is through a Last Will & Testament. Second, little known way is the transfer of property by a Life Estate Deed. They both are effective but one may be more effective than the other one depending on your situation.
A written document that directs the probate court in the distribution of an individual's property after the individual's death. Any property passing under a will passes through probate. The law discourage the practice of disinheriting a spouse. In most states if the Testator leaves less than one half of his/her estate to a surviving spouse, the Will might be subject to a Will Contest and may be overturned by the court.
Should you have a Last Will and Testament? Everyone should have a will. All wills need not be complicated or even written by an attorney. A Last Will and Testament will insure your property is passed according to your wishes. Most Wills are preparede by and attorney. However, in many states Handwritten Will or Holographic Will, are valid. State laws can be very specific requirements for handwritten Wills.
A Life Estate is an arrangement, usually by a deed, whereby an individual's (Life Tenant) interest in property is limited to that individual's life, with the remainder of the property passing to other recipients (Remaindermen) at the individual's death.
Although, it is not hard prepared these documents your, I strongly recommend that you consult an attorney in the preparation of your will. Doing so can prevent many problems and make sure that your will is written according to the laws of your state.
A written document that directs the probate court in the distribution of an individual's property after the individual's death. Any property passing under a will passes through probate. The law discourage the practice of disinheriting a spouse. In most states if the Testator leaves less than one half of his/her estate to a surviving spouse, the Will might be subject to a Will Contest and may be overturned by the court.
Should you have a Last Will and Testament? Everyone should have a will. All wills need not be complicated or even written by an attorney. A Last Will and Testament will insure your property is passed according to your wishes. Most Wills are preparede by and attorney. However, in many states Handwritten Will or Holographic Will, are valid. State laws can be very specific requirements for handwritten Wills.
A Life Estate is an arrangement, usually by a deed, whereby an individual's (Life Tenant) interest in property is limited to that individual's life, with the remainder of the property passing to other recipients (Remaindermen) at the individual's death.
Although, it is not hard prepared these documents your, I strongly recommend that you consult an attorney in the preparation of your will. Doing so can prevent many problems and make sure that your will is written according to the laws of your state.
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