There are many things a person may have a great desire to make sure get passed on to the next generation of their family. This includes key family properties. Examples include a family home, a vacation home, a property the family business is located on or valuable investment properties.
As with other types of assets, estate planning can be done regarding the passing on of real estate. When addressing real estate in one’s estate planning, having the assistance of a lawyer knowledgeable on real estate transfer matters can be critical.
Why does what guidance a person has when engaging in estate planning related to real estate matter so much? Well, there are many methods available for passing on real estate. Each of these methods has its own complex aspects. Mistakes made when picking what method to use or dealing with the specific details of putting a particular real estate transfer mechanism in place could have major consequences.
Examples of the ramifications such mistakes could have include:
- The real estate transfer going differently than a person would have wanted. Mistakes thus could deprive a person of the level of control they wanted to have with the passing on of their real estate.
- Major financial implications for a person family. Real estate can have a great deal of monetary value. So, when things don’t go as expected with the transfer of such high value assets, the financial consequences for the person’s family could be significant.
- Subjecting one’s family to added stress. Such mistakes could cause risks or complications to come up for a family in relation to the real estate in question. Such risks and complications can be very stressful in many ways.
- Creating emotionally difficult situations for one’s family. Some types of real estate, like the family home, could mean a lot emotionally to a family. So, mistakes when it comes to planned transfers of such real estate could raise high emotions within a family. The effects of such mistakes could even lead to fights flaring up between relatives.