E6: Pros and Cons of Transferring Property Ownership to Heirs During Lifetime with Whitney Knox Lee
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Episode 6 of Probate Real Estate Series
In this episode of the Probate Real Estate Series, host Ashley Edwards, Certified Probate Real Estate Specialist, and guest Whitney Knox Lee, an experienced attorney, discuss the pros and cons of transferring property ownership to heirs while you’re still alive.
They explore key strategies like gifting, joint ownership, and using trusts, while weighing the benefits such as avoiding probate and simplifying estate settlement. Whitney also highlights potential risks, including tax implications and loss of control over the property.
If you’re considering passing on your property to your heirs, this episode offers valuable insights into the advantages and drawbacks of doing so during your lifetime.
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Estate Planning Essentials
Dying without a will, known as dying intestate, means the state decides how your assets are distributed. This process can lead to delays, added expenses, and your assets being divided according to state laws rather than your wishes.
Ensure your loved ones are protected by creating a will today.