For any investor who buys or "flips" properties in NY state; is it wise to draw up a will for each home?
Answer:
No, you would not want to create a new will or modify an existing will for each piece of property. As an experienced real estate investor, I can tell you that the fights that can occur over properties are never worth it. It's a huge burden on your heirs. The family farm may be one thing, but 'flip' properties are most definitely not worth worrying about. The best approach is to require that the estate liquidate all real estate assets at your passing and distribute the cash. If one of your heirs really wants a property that badly, they can submit a bid like everybody else when it goes on the market..
Um, homes don't have WILLS. You do. And if you mean changing your will with every house you buy, no. Just make a clause somewhere in your will that all "investment homes" woudl go to your wife or whatnot.
The market in NY still ok to "flip"? Housing market is going through correction.
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