You spent 15 to 30 years paying off your mortgage, slowly buying a little bit more ownership from the bank, until you finally paid off the loan. You own your house outright.
Many parents dream of passing their assets on to their children. They want the family home to stay in the family, for instance, so they plan to give it to the kids in the will. After all, so many good memories are connected to that space.
When you create a trust to protect your real estate holdings, it is important to carefully consider all the steps necessary to properly fund it. If you do not fully fund the trust, you not only waste the resources you invested to create it in the first place, you also may miss out on the important legal protections trusts provide.
Owning a home in New Jersey brings with it a lot of responsibility. From maintaining the home to ensuring no one gets injured while on your property, home ownership takes quite a bit of effort. Many New Jersey residents retire out of the state after spending their entire lives here. When they do so they might want to turn the ownership of the home over to their adult children. So, how is a home willed to an adult child?
So you have finally found the home you want to buy, but it appears everyone else in town has the same idea. When the demand is high and the supply low in the real estate market, you have to use some ingenuity to emerge as the winner in a bidding war. You are also going to need some experts on your side, including a knowledgeable real estate agent and an attorney experienced in dealing with the various legal issues that arise in a real estate transaction.
Naming an executor is not a job to be taken lightly. Depending on the size of your estate, the responsibilities this person must eventually undertake could be relatively light, but those obligations could also be complex and therefore quite time-consuming. When you die, the distribution of your assets might take two years or longer due to the amount of work involved.