Selling your house fast, or getting the cash to pay for your next big project will require you to know how much equity you have in your home. If you haven’t had a property appraisal in [time_period] then it is safe to assume the only people who know what it could sell for are you and your heirs, if there are any. Pooling your resources with family and loved ones can be one of the smartest decisions you make regarding real estate ownership. The information below will walk you through the process of starting up a living trust or revising an existing trust.
Directors & Officers Liability Insurance (D&O) – This insurance covers claims against directors and officers arising out of alleged negligence or misconduct during their employment at HBR Colorado in Colorado Springs
Why Trusts Matter
Selling your property to a developer or a new homeowner can also take time and may not always be beneficial for the heirs. The probate process is generally designed to protect you, as an heir, from losing your inheritance or forcing you into a bad real estate investment.
In summary, the ONLY way to get your inheritance immediately after the passing of your loved one is to file either: 1) A Letter of Representation which designates another person to receive the inheritance on behalf of yourself, or 2) receive the distribution in-kind such as by having funeral arrangements handled directly by the decedent’s family members.
No matter who is appointed to represent you during this difficult time, it is important that YOU KEEP IN TOUCH WITH YOUR REAL ESTATE ATTORNEY.
Probate courts can sometimes make mistakes about who should get your property, where a trust can avoid this. Finally, if you have disabled children or grandchildren to whom you’d like to leave a home, and want them to be able to stay in the house until they’re ready for independent living, you can make that accommodation with a special needs trust.
11.8 But what about taxes? UGH! Property taxes are paid based on the value of the home so be sure it’s accurately appraised before entering a sale contract. You may also need an appraisal if there is any outstanding debt against your real estate (such as an outstanding mortgage balance) and will probably want one done anyway before selling your home. Start with reputable local professionals who know their way around various different types of real estate deals so you know that you have someone on your team that has the necessary experience.
Setting Up a Trust
Another thing you should know about real estate trusts in Colorado Springs is that there are dozens of structures, so it’s important that you take a careful examination of your options before deciding which type of trust suits your estate best.
When you weigh each option, you will want to consider which is most likely to produce the desired results, in addition to considering your financial situation. Failure to properly set up a trust can result in a freeze on your assets and gain even more negative attention from the tax authorities.
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Once you have completed the process, you can create your own trust, you may also select to use an online service to create your trust. it’s advisable to seek professional legal counsel. You’ll also need to decide who will be in charge of handling the estate as your successor trustee,
This can be a family member or close friend that you know and trust! but it’s important that they understand exactly what their role will be if something were to happen to them.
You should speak with them and be certain they are willing to handle the responsibility.
If all goes well then after a year has passed since you placed your property in this new real estate investment vehicle (the Revocable REAL ESTATE Trust), you’re now free to title it however you choose whether it’s an LLC or Corporation that you created, it will be something unique.
HBR Colorado can help if you need to sell after the loss of a loved one.
We are here to provide you with the highest level of service.
We are experts in all aspects relating to non-functioning or damaged equipment, and we know that most people don’t have the time, expertise, or resources required to properly dispose of these items. That’s why HBR Colorado has built a qualified field team that works on-site to make sure the removal process goes smoothly and efficiently. We buy your property for rehab at our secure facility when it is full, usually within 30-45 days after you’ve accepted our offer. An independent third party will verify our services at closing, burning all remnants in an environmentally safe manner, so you can feel good knowing your disposals made a positive impact on the environment. Once the disposal is complete, we issue payment through wire transfer or check depending on your preference. Most clients simply elect for a wire transfer.
Send us a message or call HBR Colorado at (719) 286-0053.