DID YOU KNOW:
After your death, assets titled in your individual name cannot be transferred to your beneficiaries without probate court proceedings, which are time consuming and costly. Here are two ways homeowners can keep their homes out of probate court:
Transfer Real Estate to your Revocable Living Trust: Real property titled in the name of your Trust will be available to your beneficiaries upon your death, without the delay or expensive of probate court proceedings.
Institute a “Ladybird Deed”: A “ladybird” deed allows you to retain your real property during your lifetime, with full power to sell, transfer, or mortgage the property. However, if the property is not disposed of prior to your death, it will automatically transfer to the individual(s) you designate on the deed. A ladybird deed is a simple yet effective way to avoid probate of your real property upon your death.
It is prudent to contact an estate planning attorney to discuss the best approach for your family’s needs.
For more estate planning tips for homeowners, please contact Mallory Kallabat at 248-530-6342 or at MKallabat@clarkhill.com.