Estate planning isn't just about money - it's about ensuring your loved ones are taken care of after you're gone. And for those who have multiple properties or assets to allocate, it can be a particularly complex process. However, with the help of an experienced estate planning attorney, it doesn't have to be daunting or overwhelming. Properly dividing your assets can provide peace of mind for both you and your family, and prevent any disputes or theft from occurring down the line. To develop an ironclad estate plan, we are sharing the top things you should be aware of when it comes to dividing multiple properties or assets in your will or estate.
Work With An Estate Planning Legal Professional
As previously alluded to, finding an estate planning attorney is of utmost importance when writing a will or establishing a trust. You do not want financial gain to split the family as some will feel it is their money above anyone else. The truth is that you will split what you have worked hard for over the years in any way that you want.
Assessing How To Split Up Properties
Your primary residence could be left to a spouse or person that lives in the home. A number of properties are liquidated so asking if anyone wants the house in place of another property or asset is wise. There are those properties that might have a special place in the heart of a specific family member.
Vacation properties where the entire family met should likely be split among any children or grandchildren. There is always the option of one party buying the others out if they want it to be their primary residence. The income potential for those that own a part of the property is immense. Airbnb can allow the family to use the vacation home on specific occasions while renting it out for the rest of the year. The usage could be vast as those that work remotely might want to spend a few weeks there over the summer with their family.
Income properties that are managed by a property management company can easily be divided. The company can send the various amounts owed to each owner. A member of the family might want to live in a unit that they own which can allow them to seemingly live for free outside of utility bills.
Leaving a property to multiple people can get complicated without a detailed plan. Estate attorneys have seen it all and might even have a solution that can avoid issues after the estate is divided. You want your family together rather than being ripped apart by unclear wording and greed.
Take the time to enlist the help of a top legal estate planning attorney today. You want to make sure your assets are divided as you see fit rather than by state law.