Real Estate To Heirs

Feb 2, 2012

Minnesota-How We Are Passing On Our Timeshare and Other Real Estate

To Our Heirs

How We Are Planning Ahead In Passing On Our Timeshare And Other Real Estate To Our Heirs.

My wife and I are waiting for our updated wills to be returned from our attorneys. We don’t have a large estate. Our main assets include our home, three timeshare vacation properties, two in Minnesota and one in Missouri, a large sailboat, two maxi-motorscooters, a couple of vehicles and other personal property. So, it is not a large estate. But we don’t want our adult children who live quite a distance from us with their families, to have to spend money on hiring attorneys and going through the sometimes 6 months or more of probate.

As you can see, our timeshare and other real estate are our major assets. Here are the steps we have taken in passing on our timeshare and other assets to our children without going through probate. You might want to consider, our opinion only, doing this in the same way.

1. Contact your bank and ask for “Transfer On Death” paperwork so that immediately upon death of both husband and spouse, the transfer of your checking, savings, and other accounts goes immediately to your heirs without going through probate.
2. Now, to make sure that your timeshare and other real estate, in Minnesota, goes to your heirs, you must have completed a “Transfer On Death” form signed and notarized and filed with the recorder’s office in the county where the real estate is located.
3. In our case, as an example, our home is located in Otter Tail County so we must make sure we have a “Transfer On Death” form filed with the county before we pass away.
4. We have one timeshare in Crow Wing County and another in Mille Lacs County. We must file a “Transfer On Death” form in each county for each timeshare to prepare for passing on our timeshare before we pass away.
5. Missouri has come up with a better program. Its called a “Beneficiary Deed”. You can get the form from the county where your timeshare is located and complete it and have it on file with your will. Click Here to download a Missouri “Beneficiary Deed”. When both husband and wife pass away, the beneficiaries take the form to the resort where the timeshare is located and show proof of ownership and file that “Beneficiary Deed” with the local court. It’s done.

So, there you have it. You might want to talk with an attorney to make sure you are doing things correctly so that your heirs can avoid the time and expense of going through probate as in our example with passing on our timeshare and other real estate..

Getting a will done today can be as easy as going to Legal Zoom Dot Com. Everyone should have a will. We know, it takes time out of your life, maybe 4 hours to get it done, but wouldn’t you want the choice to decide where and how your assets are distributed?

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Real Estate To Heirs
Real Estate To Heirs
Real Estate To Heirs

Real Estate To Heirs

Related terms: Estate of a Deceased Person, What Is Deceased Estate, Equitable Estates, Table of Heirs, Legal Estate, Locate Heirs Estate, Campbell Estate Heirs, Estate Heirs Rights