Many people in New York state and across the country don’t really know what really happens after a real estate property is transferred in a will. One issue could be dealing with the occupants of the inherited property.
Partner living situations
In many cases, after a spouse has passed away, the other person will begin to date again. This can happen to people of any age. The issue occurs when a family member inherits a property that both people were living in. What happens with the partner’s living situation? Often, the deceased person will place in their will a stipulation that allows the partner to keep on living within that property. This can leave the rest of the family in an awkward position as they also want the home.
Although there is really nothing you can do after the will has gone into effect, you can take proactive measures if the owner is still alive. Sit with the person giving you the home in their will and work out a life estate deed with a trusted attorney.
No matter how young you are, don’t delay making a will
Accidents and other life-changing events can greatly change how your family lives. This is why it is so important to begin estate planning and construct a will. This will provide you with peace of mind that your spouse and children will be taken care of after you’re gone. Last will and testaments can be a complex process to go through, especially if there are other people outside the family involved. This is why it is important to consult with a legal team before any papers are crafted and signed.