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.
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.
Any person who want to have control over the disposition of their property after death should have a Will. If a person does not have a Will the property of a person who dies is distributed according to state law, and the estate is managed by a court appointed administrator. In many states Handwritten Will or Holographic Will, are valid. State laws can be very specific requirements for handwritten Wills.
One of the best ways to transfer property is by a Life Estate Deed. A Life Estate is an estate whose duration is limited to the life of an individual (usually the party holding the life estate), and a legal arrangement whereby the "life tenant" during his or her life retains use (the rights to rents and profits), possession of the property and costs of maintaining the property.
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.
Any person who want to have control over the disposition of their property after death should have a Will. If a person does not have a Will the property of a person who dies is distributed according to state law, and the estate is managed by a court appointed administrator. In many states Handwritten Will or Holographic Will, are valid. State laws can be very specific requirements for handwritten Wills.
One of the best ways to transfer property is by a Life Estate Deed. A Life Estate is an estate whose duration is limited to the life of an individual (usually the party holding the life estate), and a legal arrangement whereby the "life tenant" during his or her life retains use (the rights to rents and profits), possession of the property and costs of maintaining the property.
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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