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Real Property

Real property is another name for real estate and is considered land and anything that is permanently attached to the land, such as houses, building, fences, and other built or created objects not moveable from one place to another. When planning an estate real property can be hard to divide equally without specifying that it be sold and the profits divided. In the case of large estates or family homes that have been passed down for years, this can present a problem that is not simple to solve, unless there is only one child. If the real property is truly to stay in the family it may be possible to equally divide other assets and leave the real property to one beneficiary. If, the main goal is to be equitable, the only solution may be to sell the property and divide the assets.

Fast Facts

  • Real property can be placed in a trust that is handled by one family member and thus the property avoids estate taxes.
  • Real property should be discussed with an estate planning attorney in order to come up with the best plan for its disbursement.

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