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Most landlords spend years building a rental portfolio — and almost no time planning what happens to it when they’re gone. Whether you have no estate plan in place or think you have everything handled, this episode may reveal a gap you didn’t know existed.
In this episode of the Your Landlord Resource Podcast, Kevin and Stacie walk through the most common estate planning mistakes rental property owners make — many of which they discovered firsthand when creating their own living trust. From assuming a simple will is enough, to forgetting to fund the trust as your portfolio grows, to mismatched documents between spouses, this conversation covers the practical and emotional side of getting your estate plan right.
They also cover two estate planning tools that many landlords overlook entirely: Power of Attorney and the stepped-up basis tax rule — and they explain why having a Standard Operating Procedures manual is just as important as the legal documents themselves when it comes to protecting your rental business and the people you love.
WHAT YOU’LL LEARN IN THIS EPISODE
- Why a will alone is not enough to keep rental property out of probate — and what actually is
- What a pour-over will is and why your attorney may have already included one in your estate plan
- The trust-funding mistake that catches landlords off guard as their portfolio grows
- What happens when spouses have mismatched trust documents — and why it matters more than you think
- How property titling can override your trust and your will
- What a successor trustee is and what they are actually agreeing to take on
- Why a Power of Attorney is a separate and essential document for rental property owners
- Who your Power of Attorney Agent should be — and why a family member may not be the best choice
- The stepped-up basis tax rule: why gifting property during your lifetime may cost your heirs more than you realize
- Why your Standard Operating Procedures manual is part of your estate plan — and what to include
- The questions to ask your estate planning attorney whether you are starting from scratch or revisiting an existing plan
LINKS & REFERENCES MENTIONED IN THIS EPISODE
Episode 6 – Standard Operating Procedures for Landlords
Power of Attorney Article – Your Landlord Resource
Rental Property Management Software with Digital Lease and Tenant Records Management:
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Estimated reading time: 3 minutes