The Loss of a Loved One
We get many calls during the month which begin with “how do I protect my property just in case something were to happen to me?” and although they don’t mention them passing away, it’s what they are referring to. They also ask, “What is going to happen to my house in case something happens to me?” Often times people will refer to the fact that they have a Will and they believe that this will avoid probate. They are shocked when they find out that a Will does not avoid probate. Their next question is, “What if something happens to me, what happens to my property?”
In a previous article, I discussed the three options for protecting from going into probate. You can read that here. One of the things that we encourage is for people to take action sooner rather than later. Think about getting regular oil changes for your car. Everyone knows that doing the regular service can save you from breakdowns that cost time and money. In the case of protecting your property, probate can be very costly, time consuming and emotionally draining. Probate can become a second job for the surviving beneficiaries.
On a personal note, my father recently passed away and even though we had taken measures to protect his assets, his illness caused him to undo what we had done and had in place. As a result, I have had to make multiple flights to Texas during my work week while still running my business and handling our clients. The financial impact on myself and my family has been a burden that has caused us to alter some of our family plans. It is very common for parents and children to live in different states and in some cases, outside the U.S. This can present a huge challenge on them and a drain on their resources. In some cases, probate can take years to get resolved.
So what does all this mean? If you want to make sure that you have done all you can to put your affairs in order, talk with a professional. Estate planning attorneys, tax attorneys and even your CPA can guide you and review your current situation. We can provide the concierge service to change the title to your property.
Quick Claim USA and their employees are not attorneys in the State of Nevada or in any other State or Jurisdiction. Quick Claim USA is not licensed to give legal advice and may not accept fees for giving legal advice. Should you have questions regarding any of the above items, you must seek the advice of independent legal/tax counsel of your choosing.