No one wants to think about death, much less plan for the aftermath. But since is the one most inevitable event in our lives, don’t we owe it to those who love us to make the burden easier for them to bear? That’s what “estate planning” is all about. And it isn’t just for the wealthy.
Following the death of a loved one, you may become the recipient of an unexpected parcel of real estate. Yet, with every windfall comes great obligations, so be prepared for the surprises you may encounter when inheriting property.
Although no one wants to think about death, it’s important to be financially prepared for it, so that your money ends up in the right hands. But it can sometimes be confusing to figure out where your assets will go after death. Will there need to be a probate? Who will deal with settling your affairs? And how will your bank accounts pass after death?