Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Texas Real Estate Q&A Discussion Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 5 years ago on . Most recent reply

User Stats

11
Posts
2
Votes
Kyle Jeane
  • Contractor
  • East Texas
2
Votes |
11
Posts

What to do with properties when I'm gone ?

Kyle Jeane
  • Contractor
  • East Texas
Posted

I'm an beginning investor and my wife asked me what would she have to do with our properties if I died? 


What is the best company structure to hold properties in so that if I died someone could then take and manage or sale them with the least amount of hassle?

Most Popular Reply

User Stats

5,070
Posts
5,127
Votes
Scott Mac
  • Austin, TX
5,127
Votes |
5,070
Posts
Scott Mac
  • Austin, TX
Replied
Originally posted by @Kyle Jeane:

I'm an beginning investor and my wife asked me what would she have to do with our properties if I died? 


What is the best company structure to hold properties in so that if I died someone could then take and manage or sale them with the least amount of hassle?

 Hi Kyle,

You might want to look into a Grantor Trust (aka Living Trust).

If you want one, finding an EXPERIENCED attorney in TEXAS who does this would be smart.

Finding someone that you "Get Along With" is good too, because you will probably have to communicate with him/her over the years as things change, and when you have questions you would like answered. If you are comfortable with the person (and the staff), it just makes life a lot nicer. Meaning it's probably best to interview a few, because who is right for your neighbor might not be (feel) right for you. 

This is also something you would want to run by your CPA because in some instances there may be tax issues for Grantor Trusts, and if that applies to you, it's best to know that in advance of pulling the trigger on a Grantor Trust, so you can decide if that's what you want to do, vs some other strategy.

Some people do this themselves, but it can be complicated and they lose the legal guidance that their heirs need to make things happen properly when that time comes. (and that guidance costs extra, in addition to the trust setup)

You pay to have it set up, then pay to make any changes to it, and then later pay for what's needed legally and advice-wise (when that end time comes).

Although this may not be the best strategy FOR YOU at this time, so be sure to discuss it with both legal council and your CPA. You don't want to be blindsided with anything in this process.

Another strategy might be some type of Deed language.

Good Luck!

Loading replies...