Real estate holdings in an estate may constitute the most valuable estate asset. A decedent may have owned a residence such as a single or multi-family house, a cooperative apartment or a condominium unit. In view of the increase in value these assets have experienced, the disposition of such interests is very important to estate settlement and the estate beneficiaries.
New York City Estate Lawyers encounter many estate planning matters and estate administration situations where real estate must be dealt with. When planning an estate with real estate, a testator needs to consider the best or most likely disposition for the real estate upon death. In many cases, the best course to follow may be to have the real estate sold and the net proceeds distributed to the estate beneficiaries. When there are numerous beneficiaries, it can be very cumbersome for a number of different people to own the property. This type of situation often leads to disputes among beneficiaries since some may want to sell the property while others may want to keep the property for rental purposes or to live in. Continue reading