What Happens When a Real Estate Co-Owner Passes Away?

What Happens When a Real Estate Co-Owner Passes Away?

Understanding the impact of a co-owner’s passing on your investment.

Have you ever considered co-ownning a property? Real estate co-ownership can be a great way to afford your first home or investment property, but it comes with one-of-a-kind considerations. One aspect is understanding what happens if a co-owner passes away. Knowing the legal implications and steps to take can ensure a smooth transition and protect everyone's interests.

To better understand more of this topic, watch the video above or skip to the timestamp provided:

0:00 — Introduction

0:55 — Affidavit of death

2:45 — Property tax reassessment

7:15 — Step up in basis

9:47 — Property value

10:35 — Wrapping up

In summary, understanding the implications of a co-owner's passing is important for anyone considering real estate co-ownership. Proper planning and legal advice can safeguard your investment and provide peace of mind. Don't wait until it's too late; take the necessary steps now to protect your future. Give us a call if you have any questions!


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