Real Property
The number one reason our clients go through probate is to transfer ownership of real estate. However, with some advance planning during their lifetime, these probates could have been completely avoided, saving families both time and money. In today’s blog post, we will discuss the basics of estate planning options when real property is involved. First, let’s clarify what real property means. Real property includes land, buildings, structures, and mineral interests. Unlike other types of property, when someone passes away owning real property, probate proceedings must be initiated in every state where they owned real property. For instance, if you own a homestead in Texas, a rental property in Florida, and a mineral interest in Louisiana, you could be faced with THREE separate probate proceedings. This means dealing with three separate courts and hiring three separate attorneys, which quickly becomes expensive and burdensome for your surviving loved ones. However, many people are unaware that it’s relatively simple to keep real property out of probate through proper planning during life. There are three main ways to achieve this: 1) Transfer on Death Deed, 2) Ladybird Deed, and 3) Trust-based planning. Transfer on Death Deed: In 2015, Texas passed the Real
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