With tax season ramping up now, it’s a good time to step back and take a look at your real estate situation and portfolio.
One thing for homeowners to take a close look at is their property title report. Are you aware of how you hold title on your property? Do you know the legal consequences of how title is held for you right now?
As some of you may know, my family experienced a lot of health hardships last year. We had to deal with heart attacks, heart surgery, chronic pain, rheumatoid arthritis, strokes, and deaths in the family.
One of my relatives that suffered a stroke went into a coma last summer. We were told that she may not survive for much longer after that. In the midst of all the worry and concern, we began scrambling to ensure that any real property that she owned was recorded in the name of her family trust. Sure enough, there was one property she owned that was held in her individual name only. We had to locate the power of attorney paperwork since she was incapacitated and unable to sign any documents to transfer title on the property. If she were to pass away at that point, the property would likely have to go through probate. The clock was ticking.
Fortunately, we were able to find all the appropriate documents, draft all the proper paperwork, sign and notarize everything accordingly, and have it all filed with the county before my relative passed on. She ended up holding on for another couple of months in fact! But once she did pass away, we were able to focus on her and the family instead of the financial burden that may have resulted from having this one piece of real property held in her individual name on title.
Rather than wait until a crisis happens, take a moment now to evaluate the title reports for your real property. Your family will thank you.
(Hint: Your local Realtor should be able to help you out. 😉 )
Note: I am not an attorney. Any information provided herein is based on my personal experience and should not be considered legal advice. Please consult with your attorney to determine legal consequences as it relates to your real property.