Transferring deed on a house?

[Mr Doof]

My Dad has a last will. He put the wrong unit number in the will. Like, literally lives in #3, literally has #2 in the will.

The "estate" is way, way, way under where the estate tax kicks in.

What you are saying is, with a (shitty at that apparently) will, I will have no legal right to the property until it goes through the courts, and I'll have to come up with HOA fees etc. all the while? Can I at least use the key I use today to unlock the door and use the place, or no?

1 Easy to change wills or add codicil. The wrong number on it doesn't mean you don't have legal right to it. No one else knows what is on the will or if there is a will. They only know who owns it as recorded on the deed. Change the will if there is someone who would contest the will.

2 Wills are great at saying who gets that painting on the wall, the collection of heirloom beer coasters, and the like. Not so great about real estate, bank accounts, brokerage accounts, etc.

3 Get Power of Attorney and Medical Power of Attorney. They are not the same thing. More useful than a will in my humble estimation, unless you really want that collection of LPs that a sibling is also eyeing.

4 A Trust is a legal entity and can be a fantastic vehicle to hold/disburse assets. Research the language and meaning of the types of trusts, and then think hard about hiring a pro because peace of mind is worth having...some education will also help you figure out who you should hire.

5 I like the DIY path, but it takes a certain mindset. If you don't DIY in other parts of your life, don't start now with this.

6 Lots of people ignore the truth of life (surprise: it ends!). Figuring out how to deal with everything when people are dead sucks worse than when they are alive. Choose the easier path.

 

[Sharkbiscuit]

1 Easy to change wills or add codicil. The wrong number on it doesn't mean you don't have legal right to it. No one else knows what is on the will or if there is a will. They only know who owns it as recorded on the deed. Change the will if there is someone who would contest the will.

2 Wills are great at saying who gets that painting on the wall, the collection of heirloom beer coasters, and the like. Not so great about real estate, bank accounts, brokerage accounts, etc.

3 Get Power of Attorney and Medical Power of Attorney. They are not the same thing. More useful than a will in my humble estimation, unless you really want that collection of LPs that a sibling is also eyeing.

4 A Trust is a legal entity and can be a fantastic vehicle to hold/disburse assets. Research the language and meaning of the types of trusts, and then think hard about hiring a pro because peace of mind is worth having...some education will also help you figure out who you should hire.

5 I like the DIY path, but it takes a certain mindset. If you don't DIY in other parts of your life, don't start now with this.

6 Lots of people ignore the truth of life (surprise: it ends!). Figuring out how to deal with everything when people are dead sucks worse than when they are alive. Choose the easier path.

Thanks Doof! I already did #3 a few years back. I'm an only child, but still, this is good stuff.

 

[ringer]

I did not read any of the above, but as an attorney (not specializing in trusts and estates), I'm saying you have to be careful. There are potentially enormous tax implications here. If the house is in a trust, then you inherit the property with a "stepped up" tax basis. This means that if you and your siblings want to sell it after you inherit it (presumably you will), then the taxable basis will be the value of the property on the date when your parent died vs. what you sell it for. If you are already on the deed when your parent dies, then if you sell the property the tax is calculated on the original purchase price (presumably quite low, and long ago) vs. the price you sell it at. Bottom line: Get some professional advice. There are tons of reasonably-priced estate attorneys out there.

 

[keenfish]

I did not read any of the above, but as an attorney (not specializing in trusts and estates), I'm saying you have to be careful. There are potentially enormous tax implications here. If the house is in a trust, then you inherit the property with a "stepped up" tax basis. This means that if you and your siblings want to sell it after you inherit it (presumably you will), then the taxable basis will be the value of the property on the date when your parent died vs. what you sell it for. If you are already on the deed when your parent dies, then if you sell the property the tax is calculated on the original purchase price (presumably quite low, and long ago) vs. the price you sell it at. Bottom line: Get some professional advice. There are tons of reasonably-priced estate attorneys out there.

^^^^ My neighbor is a Family Trust attorney. He hooked me up. If you are still in need let me know and I'll hook you up.

 

[20W-50 and blood]

^^^^ My neighbor is a Family Trust attorney. He hooked me up. If you are still in need let me know and I'll hook you up.

PLEASE pass the word and let me know.

 

[ringer]

20W, do it now rather than later. It's a matter of paying someone to create a few simple forms to sign (if your siblings agree) vs. a huge and expensive hassle later if nothing is done.

 

[JBerry]

I may have mentioned it before, but I will say it again. When my pops died 10yrs ago suddenly, he left no will. His CA Property went to probate and it was about almost 2 yrs long! (Partly because of other property owners on the same piece, but mostly cause he didn't have his sh!t together) Lawyer said it was one of the longest probates he'd been involved in. Nightmare really.
GOod Luck!