There are many details to sort out when a loved one passes away, but if you’re dealing with real estate, this can probably be one of the most substantial assets inside the estate overall. Furthermore, many family members might have a vested interest in what happens to a piece of real estate.
The real estate location needs to be taken care of before any additional steps are taken, such as paying taxes and the mortgage and keeping the property maintained until the probate process allows for its formal transfer. Probate will be necessary to transfer the real estate to the new owners except in these cases:
- The deceased person co-owns the real estate in one of a few different ways, such as joint tenancy, grant, warranty deed, or other documents that explain a co-owner who held title to that property.
- The deceased individual completed and filed a transfer on death deed which is allowed in more than half of the states in the US to designate another person to receive the property after their death.
- The deceased person used a living trust to leave that real estate to someone.
The deceased could have owned their property in a few different ways, such as tenants by the entirety, joint tenants, sole ownership, community property, tenancy in common or property with right of survivorship.
Each of these will have unique transfer requirements as a result and it’s suggested that you find a dedicated and knowledgeable probate lawyer to assist you with this process if you are a loved are attempting to manage closing out this person’s estate. For more information on how to plan for your own estate, set up a time to speak with a dedicated estate planning lawyer in Pasadena.