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!
