Estate planning truly is the ultimate gift for your loved ones, and a comprehensive estate plan should always include a review of the titles and beneficiary designations for all assets to ensure they are consistent with your estate planning objectives. Otherwise, unintended consequences may ensue. Real estate, in particular, can be the cause of serious family conflict when not handled properly with your estate plan.
After many years of witnessing the disastrous consequences of poor estate planning, here are three common estate planning mistakes made with real estate that you should avoid within your own estate plan whenever possible:
By employing other estate planning techniques, you can better accomplish your estate planning objectives without putting your real estate at risk. For example, you could create a revocable living trust then title the real estate in the name of this trust.
Source: New feed