Giving a loved one the right to occupy a piece of real estate after you have passed away is a great way to provide for them without giving them complete
ownership of the property. Below is a checklist that covers some important questions you need to answer about what your beneficiary can do and what
your beneficiary will be responsible for.
▯ Yes ▯ No Does your beneficiary have the right to occupy or use the property for their lifetime?
▯Yes ▯ No If the property is a residence, does your beneficiary have to reside there full-time?
▯Yes ▯ No Can your beneficiary allow a spouse, friend, or companion to use the property as well?
▯Yes ▯No Do you want your beneficiary to have use of the tangible personal property?
(e.g., furniture, appliances, knickknacks) located on the property
▯Yes ▯ No Do you want to set aside money to cover property expenses?
(i.e., state and local taxes or assessments, property insurance, mortgage payments, etc.)
▯Yes ▯No Do you want to set aside money to cover common household expenses?
(i.e., utilities, internet, water, garbage collection, etc.)
▯Yes ▯No Can your beneficiary rent or lease the property to a tenant?
▯Yes ▯No Can your beneficiary keep the money that is paid by a tenant?
▯Yes ▯No Will your beneficiary be in charge of fixing or paying for minor repairs to the property?
▯Yes ▯No Will your beneficiary be in charge of making large repairs or renovations to the property?
(e.g., roof repair or replacement)
▯Yes ▯No Will your trustee be required to periodically inspect the property to verify its condition?
llustration Purposes Only. This document is not legal, tax, or financial advice. Consult with a qualified professional before making any legal, tax, investment, or financial decisions.
