I'm also very involved in my local board, my local MLS, my broker and the Women's Council of Realtors. These organizations all help to increase my knowledge as well as bring me opportunities to go and see new things and meet new people. I hope you enjoy my experiences and my opinions! Please fact check. I hope my stories send you a smile or an "ah-ha!"I attended a class today discussing the importance of having an Estate Plan in place in preparation for when you die. No one likes to think about that, but inevitably it will happen. One option to consider is a Lady Bird Deed (a couple hundred dollars). When a Lady Bird Deed is in place, your property will get deeded to the recipient immediately upon your death. You can avoid Probate Court (approximately $2,000 plus your waiting time) with this Deed and there will be no question with your family and friends with who is to receive your home when you die. One benefit of a Lady Bird Deed is that while you are living, you can still have all your rights as a homeowner. You can still sell, rent or refinance your home without any concerns. You can also modify your Lady Bird Deed recipient at any time as well.
Another option can be a Trust. This will usually include other assets along with your home. This may be a good option if you have many other assets to distribute upon your death. This is also a good tool that may avoid Probate Court and your family will be clear with your wishes.
A Life Estate Deed is also another option. This is similar to a Lady Bird Deed, but does have some restrictions. Best option is to talk with an Attorney who works with preparing Deeds to best discuss what is the appropriate option for you and your property.
Quit Claim Deeds are commonly used, but if they are not filed, there could be questions as to the validity of the Deed. Also, there have been instances where the Deed is not properly written and to rewrite one after your death is obviously not possible. This could possibly void that Deed. Another consideration of a Quit Claim Deed is that you are actually deeding the house to them at that moment. They are actually a part owner to your own. You can't sell, rent or refinance without them. If there are any legal issues with that person, your house now becomes an asset for them. Lots to consider.
A Will is just a road map to your wishes. It may not avoid Probate.
Things to consider. Did you have a home in your name and then recently marry? Are you living together with someone and only have one person currently on the deed to your home? These are concerns that you should have discussions about now. If that owner dies that is on the deed, the spouse or the co-habitat is not guaranteed the home just because they are living there. It would be a great loss if they lost the home that they have been contributing to financially just because you weren't prepared.
The bottom line is to have something in place to avoid Probate. Probate Court can be a long and costly process. It may cost a little now to prepare, however, you may avoid larger costs and hardship afterwards.
I post weekly Real Estate Tips and Insight to Clinton Township Michigan weekly on my You Tube Channel. Please Like and Subscribe to them! Thanks for watching!
The walk from the parking lot is pretty far too, but that is all part of the fun!
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