Legal Question in Real Estate Law in Alaska
real estate
Jon and I purchases our house together in 1986, and are listed on the deed as ''individuals''. We were married in 1992, and remain so. We have never changed the deed. Do we need to to protect each other from inheritance taxes if one of us predeceases the other?
1 Answer from Attorneys
Re: real estate
You asked about changing a deed.
I could lecture for hours about the distinctions of real estate titling.
Essentially your marriage creates legal effect that efficiently handles the concerns you have. But, making the change you identified may be a good move when considered as part of an overall estate planning device.
You need to visit with an attorney and go over your entire estate plan and determine what documents need to be updated now. I've seen a lot of noise on the net lately about "do it yourself" wills and estate tools. I've also seen many folks jump at creating trusts using these non-legal "trust mill" companies. Neither is a good option for the consumer. In actuality, lawyers like them because while the products save the expense of a lawyer ahead of time they inevitably create messy situations that lawyers must clean up later, at much greater expense. It's like the old auto mechanic's joke: I charge $75 per hour but $125 per hour if you tried to fix it first.
Make an appointment to see an attorney and develop an entire estate plan that considers you entire financial picture.
Regards,
Roger