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How can property titles affect your estate plan?

On Behalf of | Sep 27, 2019 | Estate Planning | 0 comments

You probably know the importance of creating an estate plan regardless of your age or financial situation. However, when you actually get into the process, there are a lot of things you will have to think about. There are also some issues that could come up. You will have to consider taxes and costs as well. After all, your estate plan in Pennsylvania is supposed to make things easier on your heirs, so you want to keep costs low. One issue, though, that could affect that is property.

Forbes explains that if your property titles are not in order, it could cause some issues for your heirs. If a title is not clear, this is something your heirs will have to handle before it can transfer to them. This could include paying off old debts or meeting some other financial obligation. Ideally, you want to leave property with clear titles, so you may need to take steps now to ensure that happens. You may also be able to plan ahead and set aside funds to take care of any liens or anything else that could encumber your titles.

There is also the possibility of eliminating any property title issues by transferring the title before you die. This can also help reduce tax obligations. Furthermore, if you transfer property now, there will be nothing to do when you die, so there will be no delays or other issues that could pop up in probate because the property will not go through probate. This information is for education and is not legal advice.