How Not To Leave A Minneapolis Duplex Mess To Your Heirs

If you’re anything like me, you’ll do everything in your power to avoid thinking about what might happen to your investment properties when you’re gone. After all, we intend to live forever.

The fact is, our properties will likely outlive us. And unless we organize our estate, they will likely create a headache for our heirs. So much so that they may end up not missing us very much if at all.

Many housing providers mistakenly believe having a will takes care of everything. The problem is, while a will describes how you would like your assets to be disposed of in the event of your passing, it doesn’t give your heirs permission to sell your properties without a court’s authorization. Getting that permission may take several months. In the meantime, things like utility bills, insurance premiums and maintenance costs continue to come due.

If the properties are in a trust, however, they may be sold without having the sale be approved by the courts.

As important, a will isn’t private. In fact, it becomes part of the public record. While it isn’t published online, anyone with a little free time can go down to the courthouse and read it in its entirety, as well as how much money your properties and stock portfolio may be worth.

I’m no attorney, but it’s probably a pretty good idea to get our affairs in order by talking to one. Like it or not.