Wholesaling real estate is one of the simplest and most accessible strategies for getting started in real estate investing. At its core, wholesaling is about finding distressed or discounted properties, putting them under contract, and then assigning that contract to a buyer for a profit. Unlike ...
So it’s a good idea to be aware of when probate is and isn’t required. Most states have their own rules for triggering probate, but it’s usually tied to the total value of the estate. For example, in Illinois, an estate must go through probate if the total value of the assets ...
Domestic Real Estate (in-state where you're resident) To avoid probate on domestic real estate, you have plenty of options including: Joint Tenancy with Right of Survivorship: By adding a co-owner like a spouse, other relative or a friend, the property automatically transfers to the surviving...
According to Jennifer MacDonnell of The Paralegal Society, many states will appoint an appraiser to value non-cash assets, including real estate and specialty items such as jewelry, vehicles, art and antiques. However, even if you are not responsible for valuing these items on your own, you c...
If you’re planning ahead, you can avoid probate by opening aninter vivos trustduring your lifetime and transferring assets into it for your future heirs.Trustsare managed and distributed separately from probate according to their own term, which makes them a useful estate planning tool. ...
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Each bank and brokerage has its own process for designating your POD or TOD designation. Your best first step will be to reach out directly to your bank or brokerage to request the relevant forms. "TOD is a quick fix to avoid probate on taxable brokerage accounts and bank accounts,"...
We highlight some great tips on how to get the most out of real estate, as well as some investment ideas to consider (and ones to avoid).
Most assets that are subject to probate administration come under the supervision of the probate court in the place where the decedent lived at death. The exception is real estate. Probate for real estate may need to be extended to any county in which the real estate is located. ...
Title-holding trusts are used as a way for property owners to maintain anonymity and keep valuable assets out of probate. They can also provide a number of other estate-planning benefits andprotect assets from judgmentsor liens. This can be especially useful for the very wealthy, celebrities, ...