Mistakes To Avoid When Bequeathing Real Estate

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Sometimes people want to carve out bequests of real estate, their home or other real estate, to specific people, while leaving the remainder of their estate to others.
In your last will or living trust, you should describe the real estate with sufficient information to identify the real estate subject to the bequest, but you don't need to provide the full legal description of the property.
When bequeathing your home to someone, you should address what would happen if you sold your home and purchased a successor or replacement home.
There are four forms of ownership that you could utilize when bequeathing your home. You could leave ownership of your home. You could leave your home in trust. And in , you could also leave a usufruct or a right of habitation of your home.
And if your home has a mortgage, you should address whether the bequest of the home is free of mortgage, meaning the remaining mortgage at your death would be paid out of the residuary of your estate.
When leaving land or other real estate to multiple parties, it is important to realize that each heir will have an "undivided ownership interest" in the whole tract. If it is susceptible of division after your death, perhaps the heirs will agree to divide the property so that each heir can own their own tract.
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Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
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[@le4470]

In my opinion, I can only suggest & recommend that people start to live as simple as possible. When my mother passed, my dad decided to just keep the necessities & he lived very simple. He gave away alot while he was alive. He didn't want us to quarrel over his belongings, so he started gifting. When he died, at home under hospice. There was not much for us to go through & he made sure all his bills were paid & there were no surprises. I so appreciate what he did to make everything smooth for us.

[@americasestateplanninglawy1946]

Your dad was a thoughtful man!

[@le4470]

@@americasestateplanninglawy1946 Thank you.

[@tripwitheric8345]

@@americasestateplanninglawy1946 good

[@HeyMJ.]

Thank you for another excellent episode!

[@PhotoStrider]

Thank you very much for all the wonderful thoughts to help us make intelligent decisions....thanks again 😃

[@americasestateplanninglawy1946]

You’re welcome DC 👍

[@PhotoStrider]

Yes it was a great game...loved watching it 👍👏👏😃

[@americasestateplanninglawy1946]

2019 Tigers are the GOAT 🤷

[@kmac4331]

Thanks for the clarity on the ownership percentage. Great video and great game too.

[@americasestateplanninglawy1946]

You’re welcome. Still recovering from game 😎

[@raffsanchez4760]

Love your zeal for the Tigers. They rule. Thanks for all the great info-vids. Lots to absorb but worth studying before I proceed.

[@americasestateplanninglawy1946]

Thanks RS! 🐅

[@donnaallgaier-lamberti3933]

A friend of my husband put her child's granddaughters name on her home as the owner. I seriously questioned this. Hopefully she and her granddaughter will stay happy together.....

[@buyerbware25]

I can see some logic in that. It should make it possible for the granddaughter to have her own home in adulthood, and also lets the granddaughter inherit without interference from parents.

[@cindakinsey820]

Does your state have “Transfer on Death Deed”. ...a good way to avoid probate re: home?

[@Joe-lb8qn]

I would say you should almost never just leave a specific property with no other clauses (good to see that being alluded to later) because if the person moves or sells it and puts the money in the bank (for example to pay care home fees) then the will needs to be changed and that may not even be possible if they become mentally infirm and thats why the house was sold. Something near to this nearly happened in my mothers case and her will was drawn up by a reputable legal firm who should have known better .
Ive kept mine simple, grandkids get a small % each,kids get the rest divided equally and they can worry about selling the house or balancing out assets to make it fair and i dont need to change my will if i move.

[@TranNguyen-pk6in]

Hello, how do we bequeath RE LLC to our children by a trust? Do we have to deed transfer of that property?

[@davemiller9570]

My parents bequeathed my sister the right to live in their home for her lifetime. Our lawyer pointed out that problems could arise if she needs to borrow for home improvements. She doesn’t own the home so a home equity loan is unavailable. Do you see other issues?

[@et4036]

Husband and wife should have all property under either or, mr or mrs.

[@donnaallgaier-lamberti3933]

As long as no one files for divorce - one partner whose name is not on the deed could very well lose their half of that asset. Pu it in a living trust instead.