Here are my tips on how to prepare your property for an untimely passing.
Today, I want to bring up a subject that can be uncomfortable to talk about: mortality and death in real estate. A lot of people put off making plans around death because no one wants to think or talk about it. However, as unfortunate as someone passing may be, it is better to be prepared than not prepared. Here are my tips for dealing with mortality and death in real estate.
One of the biggest issues with mortality in Texas real estate is when a spouse dies, especially when there are children involved. You would think that if a spouse dies their other half would gain full ownership of the property, right? Unfortunately, that is not always the case. The probate process can really complicate things, and it could leave your spouse with a giant headache if you are not prepared.
One thing you can do to prevent this messy situation is to file for a Texas Lady Bird Deed. This deed acts the same as any other, but upon your untimely passing, it will direct where control of the property goes.
I know how important it is to make the process as painless as possible.
Another option to look into is the Transfer Upon Death Deed. This is a newer type of deed than the Texas Lady Bird Deed, but it fulfills a similar role. The main difference between the two is that the Transfer Upon Death Deed is more finite while the Lady Bird Deed is more permanent. The right one for you is dependent on your situation.
My final tip for dealing with mortality in real estate is to put a will in place. This is especially important if you own multiple properties, but every homeowner should have a will in place. If you don’t want to go through all the estate planning right now, at least set up a transfer upon death to your spouse. Clarity is key so your loved ones can avoid probate and all the headaches it causes.
I have helped multiple clients through the real estate side of mortality and death, and I know how important it is to make the process as painless as possible. If you have any questions on what deed may be right for you or any other real estate questions, do not hesitate to give me a call or shoot me an email.