Estate Planning For Rental Housing Owners

April 30, 2025

Estate Planning For Rental Housing Owners

Most rental property owners know that a will is meant to carry out their wishes after death. But many overlook key steps to make sure the will is valid, which can cause major problems for their heirs.



Basic Will Requirements
To make a valid will, the person making it (the testator) must do one of the following in front of two witnesses: (1) sign the will; (2) direct someone else to sign for them; or (3) confirm they signed it earlier. The witnesses must also sign the will within a reasonable time before the testator’s death.

Changing or Canceling a Will
A will can be changed or canceled by creating a new one or destroying the old one (with clear intent). This can be done by the testator or by someone else under their direction and in the presence of two witnesses.

Witnesses and Beneficiaries
Although heirs or beneficiaries can witness a will, it’s best to avoid this. It can lead to claims of undue influence and legal disputes.

Marriage and Divorce
Marriage can cancel an existing will unless the will says otherwise or there's a prenuptial agreement. Divorce usually cancels any parts of the will that benefit the ex-spouse or name them as executor.

Choosing a Personal Representative
Pick someone who understands property management and finances. If there's family conflict, the court may appoint someone to handle the estate.

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