How Real Estate Left After One Passes Can Lead to Wealth For a Family

The estate planning process can be complex, especially if a person has a large amount of real estate and concerns about heirs. In most cases, an estate is divided among family members, which further entrenches income in certain social classes. Fortunately, there are many ways to reduce the burden of probate and leave assets to a family. Setting up a trust is one option for large estates and those with more than $250,000 in assets.

When a person passes away, the most valuable assets of their estate are left to their surviving family members. The state intestacy laws determine who gets what, and how much. If a person passes away without a will, the assets go through probate, a public and expensive process. This can also be a lengthy and emotional process. There are many legal, tax, and emotional considerations involved in real estate transfers. It is beneficial to hire a professional to create an estate plan that protects the interests of family members and a loved one.

Regardless of how much a person has built up over a lifetime, there is a right way to pass on their assets to their heirs. North Carolina law details complex divisions of assets among lineal descendants, siblings, and cousins, as well as other relatives. Known as escheat, these rules often leave a family with a great deal of wealth.

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