As someone tackling estate planning, the only asset you have is real estate. How do you shift ownership of your property to beneficiaries without undue financial hardship?
SFGate explains how to sidestep probate when you only have real estate in Ohio. Help your heirs save time and receive their inheritance sooner rather than later.
A person who owns real estate alone may add a joint tenant to the property deed. Upon your death, real estate ownership immediately shifts to the joint tenant without first going through probate. Do you have more assets than your home to pass on? If so, you may place them in your joint tenant’s name so those assets also bypass probate.
With a living trust, sometimes called a “revocable trust,” you act as the trust grantor and trustee while alive, and you name trust beneficiaries. The person who takes over the trust if you become debilitated or die acts as the successor trustee. Once you place your property into the trust, you no longer own it, but you may sell and reside in it. When you die, your living trust becomes an irrevocable trust, meaning your wishes stand even in your absence.
Transfer on death deed
In Ohio, you may avoid probate with a transfer on death deed. Much like a living trust, you remain as your property’s legal owner while alive with a transfer on death deed, but your named beneficiary takes up ownership when you die.
Remain in the driver’s seat of your life even after death. You have several options for keeping your property out of court and putting it in your heir’s hands ASAP.