For people owning significant real estate in Missouri, estate planning can be even more complicated than usual. After all, real estate is frequently one of the more substantial assets anyone owns, and its sale or divestment can be slow and complex, with hidden issues and hurdles.
This can cause some real estate owners to neglect estate planning, which can lead to problems for their family members at the time of their passing. If you want to ensure that your assets are managed according to your wishes and minimize stress on your heirs, plan ahead.
Common issues in estate planning for real estate
Frequently, a property will be sold after the passing of its owner. But selling a property, especially a high-end one like a mansion, can run into snags.
Personal property will need to be cataloged and disposed of, and if these items are of significant value, a property appraiser will need to get involved. And often, bereaved loved ones aren’t comfortable going through the effects of a recently deceased family member, which can slow the process.
During this interim time, the property will require upkeep and maintenance. If you haven’t provided a plan and money for upkeep costs, you can run into serious issues, including getting the courts involved and holding up any sale further.
Proactive estate management pays off in the future
While it can be daunting to begin to work on managing your estate plan with regard to major real estate holdings, doing so is nearly always worth it in the end. Spending a little time in the present will mean a far smoother transition for your estate and heirs.
The more detail you can put into your estate plan for your real estate, the more likely the sale or disposition of your property will proceed on schedule and with minimal disruption or problems. By taking advantage of expert advisors in the estate planning field, you can create an estate plan that will account for your real estate exactly as you choose.