Aging parents often leave conversations about inheritance untouched. These conversations are difficult and can leave both parents and children feeling sad or confused. However, these conversations are also very important because they touch on serious topics that have the potential to significantly impact the lives of everyone involved. By avoiding conversations about estate planning and end-of-life wishes, parents may inadvertently set their children up for more pain and suffering in the future as they struggle to understand a parent’s wishes regarding their estate.
For many, a parent’s home is the only inheritance that will be handed down upon the parent’s death. The lack of more complex or valuable property may lead some people to believe that creating an estate plan just for a home is not worth the time or effort it would take. But putting a home through the probate process can be very complex and can significantly diminish the overall value that inheritors stand to inherit from the home. If you are interested in helping your parents keep their home out of the probate process after they pass away, read on.
Does Real Estate Have to Go Through Probate?
With the appropriate legal instruments in place, your parent’s home does not have to go through the probate process. There are many advantages to avoiding probate, including:
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