Freehold Real Estate: How Your Property Is Titled After You Die With or Without a Will

Death is an inevitable event. Sooner or later, you’ll have to leave this earth and everything you own in it. If you’ve made a condo investment, of course, you’ll want to ensure that someone appropriately takes care of your property unit after you die.

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Refer to the guidelines below to know more about the appropriate terms that govern your freehold real estate property when you pass away.

Your Spouse is the First in Line for Entitlement

A freehold condo automatically becomes the property of your spouse after you die if you’re married. If you’re cohabiting with a partner but is not legally married, your partner can apply for a redress upon your death to acquire the property. The laws governing a redress is similar to those that govern marriages.

You’ll leave this world having a peace of mind that your property is in the hands of the one you love, even if you die unexpectedly.

Other Family Members and Relatives May Benefit, Too

Other family members and relatives may take possession of your property, too.

If you’re single when you die, the other people next in line to acquire your property’s possession are the following, in consecutive succession:

-Children
-Parents
-Siblings
-Other deserving relatives.

Should You Decide to Prepare a Will in Preparation for an Expected Death…

Consultation with a Real Estate Planning Lawyer

Avail of a consultation with a real estate planning lawyer. This will settle the terms that govern ownership of your property, legally, upon death.

A real estate lawyer will be the best person who can help you fairly distribute your property’s assets to your loved ones. Stay on the safer side. Let a professional assist you in drafting a will to avoid legal conflicts once you do pass away.

Legalise the Ways You Wish Your Property to be dispensed

Once you draft a will, you’ll have the freedom to restrict the ways your loved ones will use your property. If you don’t wish for your property to be resold or be rented out, indicate it on your will. At least, you’ll have the peace of mind that your asset has been put to use in accordance to your wishes if you’re able to draft a will before your death.

The Government Can Take Ownership, Too

The government has the option to take ownership of your property, too. It will still be better to put your property to good use after you die, even if you don’t have any existing relatives or other loved ones to inherit it anymore. Multiple entities may benefit after the government acquire ownership of your property. For instance, the government can use your property as a shelter for the homeless people once it acquires its ownership after you leave this earth.

Rest assured that your property will be in good hands after you pass away, whether or not your death is to be expected. Never have to worry about the appropriate accordance of your property’s assets once you cross over to the afterlife.