WE KNOW REAL ESTATE
What real estate assets should be included in my estate plan, and how can I ensure they are distributed according to my wishes?
- Start by identifying all of your real estate assets (Ex: vacant land, residential/ commercial buildings)
- Consider how you'd like these assets distributed between your beneficiaries upon death
- Working with an Estate Planning attorney can help ensure your wishes are clearly documented in your estate plan
Who will manage my real estate properties if I am unable to do so due to incapacity or death?
- You may designate a trusted individual such as a family member, friend, or professional property manager to handle the day-to-day management tasks including collecting rents, paying expenses, addressing maintenence issues etc..
- You can establish provisions in your estate plan that outline specific instructions for the management and eventual disposition of your real estate properties by naming an executor or trustee who will oversee the administration of your estate according to your wishes.
How does prop 19 work in my favor after my passing?
- If you pass and you leave your primary residence to your child or grandchild, Prop 19 allows them to inherit the property without triggering a property tax reassessment, as long as they use the property as their primary residenceand the property's fair market value does not exceed the parents assessed value by more than $1 million.