Owners of luxury or investment real estate in Nevada should give careful consideration to how to distribute these assets in their estate plans. Although choosing your heirs represents your primary concern, your estate planning can cover smaller details that help the distribution process proceed smoothly. Your heirs may wish to sell the property, but months or even years typically pass before finishing the transaction. Steps taken today could prevent disputes and delays.
Continuity of property maintenance
An individual’s passing can disrupt normal maintenance activities. The executor for your estate plan or your heirs may not know who was in charge of taking care of yard and building maintenance. They might not have the funds immediately available to keep service providers paid in the interim before the property gets sold.
Falling behind on maintenance sabotages property value. Even minor cosmetic problems drag down listing prices. To avoid this problem, fund an account specifically for property maintenance. Add estate plan instructions that explain who you employ for these jobs. This money and information may allow your beneficiaries to obtain the best market price possible or avoid tenant complaints about maintenance issues.
Valuation of personal property
Over the course of your life, you may have assembled valuable items of personal property, like art, collectibles or furniture. Before selling real estate, your heirs will need to remove these items from the property and possibly sell some of them.
To this end, you could provide your beneficiaries with contact information for reliable appraisers. Your heirs will benefit from getting current estimates of value so that they can decide what to sell and what they might wish to keep.