Three Challenges of Planning for High Value Real Estate

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The future of high value real estate can have significant implications for your loved ones, especially if you intend to pass it on to them as part of your estate. There are many unique questions that must be answered in this process, and you can ease the transition by planning in advance and working with an experienced attorney. While every situation is unique, there are several common concerns surrounding high value or luxury real estate.

The first is that real estate can be one of the most expensive and time-consuming assets for your heirs to maintain while waiting on probate, state procedures, or other legal considerations such as cleaning out the house in order to prepare it for sale. The home may also need repairs that can delay the possibility of getting it on the market quickly or transitioning it to loved ones.

The second reason that luxury real estate proves problematic in estate planning is that many people feel overwhelmed at the prospect of dealing with attorneys, probate courts and wills. This proves true for both the heirs who must act on homeowner’s wishes and the homeowners themselves. Finally, heirs receiving luxury real estate often feel stressed out at the thought of clearing out this property and where to draw the line between personal effects and things that should be sold or given away.

By doing advanced planning you can make things much easier for your loved ones. Communicate with a Michigan estate planning attorney today to learn more.

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