There is one way for the ownership of your deceased parents’ home to transfer to you as easily as it does in the movies: the transfer on death deed. Also known as a beneficiary deed, this type of deed lets you inherit the property directly and immediately without the time, hassle and expense of probate.
However, if you don’t create a care plan or declare a guardian for your children, the courts may decide who cares for your children if you die. Are you comfortable with a stranger making this decision? This sentiment is a visceral fear that most parents have at some point.
You wouldn’t go to a dermatologist to perform your heart surgery. Likewise, you should not hire a real estate lawyer to administer your mother’s estate. The lawyer will review the information you have gathered and will advise you what next steps are needed. At this stage, a lawyer is generally looking to see if probate will be necessary.
You should also contact an estate attorney about the notification process, including required death notices in the local newspapers and elsewhere. This will provide the notification you need to protect yourself legally and prevent others from contesting the estate. How Do I Obtain a Death Certificate?
If the owner of a jointly-owned property dies, the surviving owner will typically receive full ownership of the home. In most states, the property will completely avoid Probate and be transferred directly to the surviving owner.
Since there is no will, you will need to bring a petition under the laws of the state where mom died (or where she owned assets) asking the court to appoint you as Personal Representative (or Administrator) of the estate. This is called an intestate estate, which means mom or dad died without a will.
Synopsis. Since your father died intestate, that is, without making a will, all the legal heirs, including you, your brother and your mother, will have equal rights over the property.
Children - if there is no surviving married or civil partner If there is no surviving partner, the children of a person who has died without leaving a will inherit the whole estate. This applies however much the estate is worth. If there are two or more children, the estate will be divided equally between them.
The best way to protect the assets is to open the estate right away.
If you fail to open a probate estate, you could be liable for taxes and other claims. Even if you do not think a probate estate is necessary, it is important to discuss your options with an experienced estate attorney.
The days and weeks following the death of a loved one can seem like a blur. The grieving process is difficult enough, but there will also be a funeral to plan, relatives to notify and financial issues to handle . Meeting with an estate attorney as soon as possible can ease your burden and make a difficult time easier to bear.
Call Arizona Estate Attorney Dave Weed at (480)426-8359 to discuss your case today.
There is a great deal of confusion about how debts are handled when an individual dies. Some people think that these debts simply disappear when the debtor dies, but that is not always the case. While some debts are forgiven on death, others follow the deceased and become part of the estate. The good news is that the family members ...
The death of a loved one is always hard, but the difficulty of handling the estate can make an already difficult situation that much worse. Dealing with the complexities of the estate, closing the financial affairs of a deceased loved one and handling the taxes due can really put a strain on your emotions.
Unfortunately, the power of attorney you may have had in place is no longer valid following the death, and it is important to understand that distinction. A previous power of attorney does not give you the power to handle the estate after the death of your loved one.
Brad Wiewel is a Board Certified Texas estate-planning attorney w... Read More
The first way to leave your home to someone is to put that person in your will. A written will is a legally binding document outlining what you’d like to happen to your assets when you die. The people you name as recipients of property, money or items in your will are known as beneficiaries.
You don’t have to modify your will to accommodate a new beneficiary. If you prefer, you can create a living trust instead. After you create the trust, you can gradually transfer assets into it. You’ll continue to benefit from the assets in your living trust—including your home—while you’re alive.
Sometimes, the easiest way to leave a home to someone you care about is to modify the verbiage in your deed. Three of the most common statements people include are:
End-of-life planning isn’t easy, but it is essential. In the absence of a will, probate can be a long, drawn out and emotionally messy process. You can make things easier for those left behind by writing a will, setting up a living trust or modifying the deed to your home.
People tend to start by sorting through each and every item they encounter as they go through the house, says Jacqui Denny, co-founder and chief development officer of estate sale marketplace Everything but the House. But this approach easily becomes a huge drain on time.
Denny says she sees this happen a lot: When we like something, we tend to value it more than the market does. For example, a costume jewelry fanatic may think an entire collection is uniformly valuable. But that’s not always so.
Maybe your parents came from more humble origins and you doubt they’ve collected anything worth a lot of money. You’d be surprised, Denny says. She recalls a client who assumed his mother didn’t have anything worth selling. But it turns out she left behind a 17th-century Korean bodhisattva statue in the attic, which later sold for $47,000.
Hey, you have friends who love vintage items and are volunteering to sort through your parents’ estate. That’s better than hiring someone, right? Unless they’re experts, perhaps not.
Most people consider selling first to dealers, but remember this: A jeweler will pay less for your jewelry than an ordinary consumer who just loves it. A jeweler wants to make a profit; a consumer just wants that lovely piece you have.
We’ve gone over the profitable elements of an estate. But remember, an estate includes debts as well.
(Decedent is a legal term for a deceased person.) Contact family members and close friends first, but after that , you should notify the decedent’s employer, personal physician, attorney, accountant, and anyone else closely involved in his or her life, or anyone who might have important information.
If the decedent left an estate plan, that plan should directly address such issues. But if it doesn’t, or if there is no plan, you’ll have to act. If the death was unexpected and there are immediate needs that must be addressed, you’ll need to call a local estate planning attorney about your options after you’ve ensured the child, dependent, or animal is cared for. In these situations, you may have to ask a court to issue emergency orders to ensure the protection of the minors or dependents.
This process begins when you file a document (usually called a petition or application) with the probate court in the county in which the decedent lived. The document will ask the court to open a new probate case and name an estate administrator to manage it. When you file the petition, you usually ask the court to name you as executor, but you can also ask the court to name someone else.
Unsupervised formal probate requires executors to get court approval for specific actions, such as using estate funds to pay creditors or distributing assets to beneficiaries. Supervised Formal. Formal probate is the most rule-intensive probate process, and has the most court involvement and supervision.
After you’ve transferred the body to a mortuary or similar facility, you’ll also have to begin preparing for a funeral, cremation, or burial ceremony. You can usually wait a couple of days or more before you begin making these plans, and can use that time to determine if the decedent left behind any instructions. Follow the decedent’s wishes, if you know them, or the instructions left behind in the estate planning documents. If you don’t have guidance, you’ll have to make the plans on your own, or coordinate with other family members and loved ones.
Once everything is disposed of, or ready to be disposed of, the administrator will have to file a report with the probate court for approval. The report will detail the inventory, list the creditors, and show how all the assets will be disposed of. Once approved, the administrator will transfer the assets and the estate will be closed.
If there’s a last will and testament, its terms determine who inherits, and how much. If there’s no will, state intestacy laws determine who the inheritors are.
This is called an intestate estate, which means mom or dad died without a will. The beneficiaries will then be determined by state law, which dictates who inherits the money. Of course, most of this can be avoided if your parent creates an estate plan, including a will, before they die.
Since there is no will, you will need to bring a petition under the laws of the state where mom died (or where she owned assets) asking the court to appoint you as Personal Representative (or Administrator) of the estate. This is called an intestate estate, which means mom or dad died without a will.
If you have found an “old will” – and it was not revoked by your parent – it is the will that will be probated. Check to see if mom or dad had a safe deposit box. The will may be in the safe deposit box. This poses a particular challenge because the authority to get into the safe deposit box may be in the box.
If mom died on March 19, you should gather up all of the financial statements that cover the entire month of March. Date of death values of assets will be needed for probate and estate tax returns. Financial statements will often indicate ownership of the account.
If there was a joint owner of the account, the ownership will most likely pass to the surviving joint owner and probate of that asset may not be needed. The same is true if the account had a “POD” – Payable on Death – listed. The asset gets paid on death to that named person listed and avoids probate.
When a loved one dies, settling his estate can seem like a daunting task. Those left behind may not know what rights they have as a beneficiary or heir of an estate. The legal rights of family members depend largely on whether the decedent had an estate plan in place. Most states have a probate court where a beneficiary or heir can enforce his ...
Once the will has been accepted for probate, the personal representative, often called an executor, can begin administering the estate.
Most states have laws preventing a decedent from disinheriting his spouse. Even if a decedent intentionally leaves his spouse out of his will, she is , nonetheless, entitled to a certain amount of his estate, which is known as the “elective share.” Each state has laws governing the amount of the elective share and how a surviving spouse can exercise this right. For instance, in Tennessee, a surviving spouse must make her election within nine months of the date of death, and the amount to which she is entitled depends on the length of the marriage. In North Carolina, the amount of the elective share depends on whether or not the decedent left surviving children.
Fiduciary Duty. An executor, trustee and estate administrator each have what is known as a fiduciary duty to the beneficiaries or heirs of the estate. This means she has a legal duty to carry out her position in an honest and prudent manner.
Probate is the process by which a court authenticates the will and bestows authority on the personal representative to administer the estate. The will has no legal effect until it has been filed and accepted for probate. Part of the probate process is the notification of interested parties. If you are a beneficiary of the will or an heir ...
A survivor’s legal right to real property depends largely on how the property is titled. This information can be found on the deed to the property. If the deed has been recorded, you can obtain a copy from your local recording agency’s office, often for a small fee. Generally speaking, real property, if owned solely by the decedent, is subject to probate; if there is no will, it becomes part of the intestate estate. However, there are instances in which real property passes outside of probate or intestacy. If real property is owned jointly by husband and wife, often referred to in a deed as “tenants by the entirety”, upon one spouse’s death the property will automatically pass to the surviving spouse. Unmarried individuals can also own property with this right of survivorship. When one “tenant” dies, the property will pass to the survivor. Additionally, a common arrangement between elderly parents and adult children is to deed the property to the children, with the parents retaining “life use”. This means that the parent has the right to live in the residence during his lifetime. Upon his death, any interest he had in the property passes to the children named in the deed.
When one “tenant” dies, the property will pass to the survivor. Additionally, a common arrangement between elderly parents and adult children is to deed the property to the children, with the parents retaining “life use”. This means that the parent has the right to live in the residence during his lifetime.
Children become at risk when they are left to fend for themselves because the adult who is supposed to be in charge is a victim of addiction. We are discussing family here, but it is important to consider the family of ex-spouses or the exes of those who might gain custody of your children.
Your children’s guardian must be: 1 At least 18 (in most cases) 2 Able to fulfill their duties as a guardian 3 Able to financially provide for your children
Establishing the Guardianship Plan, also called a Family Estate Plan, is a critical step in the process of protecting your kiddos. Before you even get that far, you should first be thinking very seriously about who can provide a lifestyle for your family that you’d be ok with raising your family.
To avoid confusion, you should attach your other estate planning documents to your nomination of guardianship to ensure that the judge will be aware of their existence. If a power of attorney or trustee believes a guardian was appointed improperly or is going beyond their role, they can contest those actions in court.
Your children’s guardian shouldbe: Of similar outlook to you and your partner. Knowledgeable of your goals as a family and parent(s) Capable of providing emotional support for your children. Stable (family-wise, financially, etc.) Someone that you’re comfortable having around your children.
When minor children are involved, they may need a guardian if both of their parents are incapacitated or pass away. A guardian will generally make similar decisions to what a parent could make for a child — even when the person needing a guardian is an adult.
When your children were born or shortly after, you may have appointed godparents. Godparents are often expected to step in and take charge of the children if something happens to a parent, but appointing a godparent is largely a religious or ceremonial action. Godparents aren’t directly recognized under the law.