wants to get ready to sell the house, and pay off some debt.
rub. The will never went through probate, and a different relative of John’s
has been living in the home all this time.
Who gets the
named as the next owner in the will, and never refused the
deed. So, legally, A.W. owns it, right? Wrong. Procrastination is
the thief of assets, as A.W. learned the hard way. A will does not enact
itself. It has to be probated according to a timeline.
homes in a 55+ community? You might wonder: Will I be able to leave my
age-restricted condo home to my children?
buying your new home in an age-restricted community, check the
homeowners’ association rules on inheritance. Your realtor might have
mentioned two pertinent guidelines these communities follow: the
nationwide 80/20 rule, and the property’s own minimum age rule. We’ll flesh out
these guidelines here.
go after the assets of people 55 and older who have relied on
government-funded medical services. Do states actually wield this
authority? If they do, can people protect their homes from
these recovery actions? Here are the basics to explore with your
estate planning expert.
move estate planning to the front burner? Homeowners, especially, need to have
a plan in place. If there is no will, and no other arrangements for the
home to pass
to a co-owner, it will pass according to the state intestacy
provisions. That’s not an estate plan. There’s no better time than the present
to choose a beneficiary, and make an estate plan.
Here is the
basic set of options, and how they might play out—financially, legally, and in
emotional terms. We include a few tips to note in the process. Any
or all could be a great conversation starter with your lawyer or financial
adviser. Schedule a talk with family or other beneficiaries, too.
We’ve talked about scams, and the risks that can be involved in delegating a power of attorney to another person. Now, let’s uplift the mood. Visualize the day you submit that very last mortgage payment.
debt is satisfied.
of satisfaction can now be recorded in the county where your home is. If your
home is in a deed of trust state, the deed of trust now comes off your
title. A deed of
reconveyance is the deed of trust state’s equivalent to the deed of
release of mortgage.
More than a
third of the U.S. population is now in the over-50 set. As the
seniority trend continues, expect the rate of financial
exploitation to rise accordingly. Be aware. Keep tabs on what elders
need to look out for. Here, we review the kinds of financial manipulation
happening on a large scale today.
who owns real property dies, the property goes into probate or it automatically
passes, by operation of law, to surviving co-owners. Often, surviving co-owners do nothing
with the title for as long as they own the property.
Yet the best practice is to remove the deceased owner’s name
from the title.
review some common scenarios, and reasons to update a home’s title after an