Estate Planning for Property Owners

The Mumoli Collective July 25, 2022

Having a solid estate plan is important for anyone. But if you own property or have any other high-value investments, it’s even more critical.

An estate plan ensures your assets will be handled properly when you’re gone. It can also help your loved ones avoid probate court, inheritance taxes and other struggles.

Have you contacted a professional to create your estate plan yet? Here are some tips for property owners:

Work with professionals. While there are ways to do a will or estate plan yourself, working with a professional estate planning attorney is the best way to ensure everything is done correctly. You will probably also want to consult your financial advisor or planner, particularly regarding the future of your investments.
Inventory your assets. Organize a list of all of your assets: Include real estate, bank accounts, brokerage or retirement accounts, stocks, bonds and any other investments you might have. You’ll want to have a specific plan for each thing on the list.
Determine your beneficiaries. Decide who you want your assets to go to when the time comes; you can name children, siblings, parents, business partners or anyone else close to you. You can also leave some assets in the name of a school or charitable organization if you’d prefer.
Reassess every few years. Estate planning isn’t a one-time occurrence. You’ll want to review it every couple of years to ensure it still meets your needs and includes all of your current assets. It’s also good practice to update your plan after big life changes, like having a child or getting remarried.

Are you interested in adding a new real estate asset to your portfolio? We can work together to find the perfect fit.