Dividing properties is seen as one of the hardest parts of estate planning in New York. It’s easy to get intimidated by a house worth hundreds of thousands of dollars, if not more.
Including real estate into your estate plan doesn’t have to be difficult. The strategy you use may change based on the type of property you have or your family dynamic. There are some basics to help get you started, though.
Understand it will take time
Transferring the real estate property to its new owner may take up to six months or more, depending on the probate process and all the details of your estate plan.
If you plan to have the property sold when you die, that process may take longer. It’s important to set aside money to help with this interim process. For example, if you’re renting out the property at the time of your death, you will want to have money set aside for any renter needs before the property can be passed on or sold.
Set money aside for upkeep
It can take time and money to sort through a real estate property. If you’re selling the house, you will have to remove all of the furniture and belongings from the house. Things like landscaping and cleaning will also take a lot of time for your family or other beneficiaries.
That’s why it’s important to set aside money that covers the cost of upkeep for the property. You may even want to set up a contract with a third-party service ahead of time to further reduce the work your loved ones have to do after your death.
There’s no shame in asking for help. Talking out your plans with your loved one and future beneficiaries is also extremely helpful to the process. This will keep them in the loop while ensuring they get the help they need when the time comes.