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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

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

mom passed with an addendem to her will, can't find orginial will. Mom has bill for $6000 and a home that is upside down. What can I do?

Like | Dislike | Share | Posted: Fri, 11/30/2012 - 15:44 | Post subject:

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Sat, 10/28/2006 - 15:09 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 [url=http://www.mortgagefit.com/refinance.html]refinance[/url] it if he likes.

Like | Dislike | Share | Posted: Sat, 10/28/2006 - 15:21 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Sat, 10/28/2006 - 15:56 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Sun, 10/29/2006 - 21:52 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

Like | Dislike | Share | Posted: Wed, 12/17/2008 - 06:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

Like | Dislike | Share | Posted: Thu, 01/15/2009 - 18:08 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 01/16/2009 - 00:32 | Post subject:

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