Probate Issues & Transfer of Real Estate

I am the executor to my parents will.  My father died about 2 years ago and my mother is now in rehab for a broken hip so my thoughts have turned to what is necessary for me to settle their estate when she dies.

She recently told me that she could not find the paperwork indicating she owns her house (title papers).  Where do I go to get a copy of these and what else do I need to make things easier when I have to administer the will?

I am on her bank accounts at this time.

F

F:

Thank you for your questions. Your first question deals with obtaining a copy of the last deed of record for the property.  These are on file with the register of deeds in the county that the real estate is located.  Some counties have these records available on line. 

Your question about how to prepare for the job of administering your mother's estate after her death is a bit more complicate.  I will break it down into two main sections -

1) probate issues and 2) other concerns pertaining to the transfer of real estate.

1) Probate issues - the Will is the legal document that controls how your mother's assets will be distributed after her passing.  In order for her Will to have legal effect, the Personal Representative has to first be appointed by the Probate Court.  However, the Will only controls assets that are distributed by some other legal means.  For example, if you are a co-owner of her bank account, then you will be the sole owner when she passes without the need for the account to be subjected to the probate process.  Another example is life insurance - it goes to the named beneficiary without the need for probate (unless the beneficiary is her estate). 

2) Other concerns pertaining to the transfer of real estate - these have to be handled very carefully to avoid probate as well as avoid other negative consequences.  There are very good ways to accomplish these objectives, but I could not give general advice on this since each case is different.  One bit of general advice though, two of the most common ways people try to do this is either by Quit Claim Deed or joint ownership.  In my experience, neither of these are the best option.  Some of the negative results that could occur (but can be avoided with proper planning) include: needless extra property and/or income taxation, creditor risks, Medicaid penalties, and personal liability.  I strongly recommend you seek the advice of a competent attorney as to these matters to help make sure things are done right and you do not end up with unintended negative results.

Hopefully this will help.
All my best,
Sandy

0 comments - Categories:

Comments