Leaving a legacy is one of the most important things we can do for our loved ones. One way to secure your legacy after you’re gone is through real estate. However, when it comes to creating a legal will, there are a lot of complications, and knowing where to start, the things you need to keep in mind, and the process of it all are important things you need to know.
In this blog post, we want to take an informative, casual look into all of the options available for leaving real estate in your will, ensuring that you’re well-informed, and can make sure that your final wishes are respected.
What Is A Will?
Having a will is one of the most important things you can do to protect your assets and ensure your belongings are distributed according to your wishes after you pass away. A will is a legal document that outlines your desires for the distribution of your property, assets and other possessions.
It also allows you to name an executor, the person responsible for carrying out the wishes outlined in your will. While it may not be the most enjoyable thing to think about, creating a will can provide peace of mind and help alleviate stress for loved ones during an already difficult time.
How To Leave Real Estate In A Will?
If you want to make sure your property goes to the person you choose after you’re gone, you’ll need to have a valid will. No matter where you are in the world, there are specific laws that determine what makes a will valid. In the UK, this includes writing the will by hand, signing it, and dating it. As long as the writing clearly expresses your final wishes, it will be considered valid.
When it comes to passing down real estate in your will, it’s important to be clear and specific. Make sure you clearly state the property you want to leave and the person you want to receive it. It’s also a smart idea to name backup beneficiaries in case your main beneficiary choice is unable to inherit the property under the circumstance, whether it’s incapacity or death.
Types Of Property You Can’t Include In A Will
As long as the real estate is owned by you, there’s a high chance that you can include it in your will. However, as a general rule of thumb, the types of real estate you can leave in a will include:
- Vacation homes
- Mobile homes.
- Rental property
However, on the list of real estate, you can’t leave on your will, the list isn’t as long, but it’s still important to know.
As far as real estate is concerned, anything that is owned in “joint tenancy with a right of survivorship”, or residing in a trust, cannot be left in a will.
Wondering about what other things you can’t leave in a will? Read the following guide on things you shouldn’t include in your will, and make sure to make the right decisions!
Making a will is complex on its own, and when there’s real estate involved, little mistakes can turn the tide of everything. The above guide accurately explains the steps you need to take to leave the real estate in your will, so make sure to read it thoroughly, and if you have any questions whatsoever, leave it down below!