inherit the house

Guest

we are four children who are going to inherit our father's house upon his death. what would be way to avoid probate delays and costs after his death and easily inherit the house

colin · Posted: Sat Oct 28, 2006 3:09 pm Post subject:

Hi,

One way to avoid going through a probate and the involved costs would be to create a living trust with any one of you four brothers named the successor trustee.

After his death all the assets of the living trust will pass over to you all without probate being necessary as per the terms that are set for the living trust.

Thanks
Colin

Guest

Yes, living trust is a good option and as long as your father is alive, he will have the authority to manage his property as usual, as he is having now and would be able to sell or refinance it if he likes.

blue · Posted: Sat Oct 28, 2006 3:56 pm Post subject:

Hi Quest,

Probate is carried out to distribute property which exists in the name of the deceased. So, if the property is transferred to a living trust, then the trust and not the deceased person gets to own the assets. So, creating a living trust is preferable. The information provided in our previous discussion will help you to know how your father can Create the living trust.

Blue

Samantha

Hi Guest,

Another way to inherit the house without probate is to let your father sign a beneficiary deed. Your father needs to sign the deed while he is still alive.

The deed may have the names of all the would-be owners or beneficiaries but your father will retain the legal right to stay in the property or refinance it. He can also offer rooms for renting purposes or provide some office space. In other words, your father being the original owner can do anything he wishes to do with the property throughout his lifetime without taking your (beneficiary) permission. And, after his death, you can easily inherit the property along with others without probate.

Hope this information will help to clarify your doubt.

God bless you

Samantha.

Guest

My father wants to leave his house to me after death...I've been paying on the loan all along and wondering what I have to do to keep home. What do I file to keep home loan?

Guest

My husband and I are divorced. He was awarded the house in a divorce decree. He now wants to refinance the house and has asked me to sign a warranty deed so that my name will be cleared from the property. Is there something that I need to know or watch for during this transaction. Does this mean that I will no longer be responsible legally for this property?

adonis · Posted: Fri Jan 16, 2009 1:32 am Post subject:

Hi

To Hudson,

Your father and you can go for a joint tenancy with right to survivorship. This will help you in inheriting the property after your father's death.

To tee,

Once you sign the warranty deed and your husband refinances the property in his name, then you will not be responsible for the mortgage payments anymore.

Guest

My sister and I just inherited my mother's house which she had put in a revocable trust. We both are the successor trustees. Since the trust owns the house now, do we need to transfer the deed before selling? This is a big concern because of capital gains taxes. If the trust owns the house, then it's cost basis is my mother's which was $2,500 in 1943 plus all kinds of work done to winterize a summer home. It is a waterfront property (river about 2 miles from the ocean) and is worth $311 for tax purposes, but hopefully nearer $500,000 on the market. Would the estate have to pay capital gains tax if it is sold without transferring the deed? Or should we transfer it first? I have asked two lawyers but neither was sure what the answer was. One "thought" there was no problem without transferring the deed, but I want to be very sure. Can you help us?

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