When parents want to bequest real estate to their children they may want to use a quit claim deed when a trust is the better option. When you set up a trust you have to figure out who will be the executor and who will be the beneficiaries. Learn about the benefits of placing a property in trust versus using a quit claim deed. And discover what role the executor plays in the transaction.
A woman owns a home that was financed by her brother, who died intestate (without a will) and now she is worried she will lose her home. It's important to hire a real estate lawyer who can help prove that she had a valid contract to purchase the property. Then she should be able to get the title transferred to her during probate.
When a person dies, all of the assets in an estate would typically be sold, and that cash would be used to pay off the person's creditors. Any financial assets in the estate would also be liquidated to pay off any remaining debt. If there is anything left in the estate after the debts have been repaid, it would be distributed according to the terms of the will.
An elderly parent had his daughter's family move into his large home when he was ill. Now the daughter is making a lot of changes and he feels uncomfortable in his own home. The homeowner should begin charging rent and look over his will, powers of attorney and other estate matters.
When you own a home with a partner who has children from another relationship you may be wondering how to protect your assets. While it's good to buy a home as joint tenants with rights of survivorship, a will can ensure that your property inheritance desires are met. Estate planning, including a will, can protect other assets as well.
Setting up a trust for inheritance purposes ensures that assets are divided the way the deceased person wanted. A trust can also help save on inheritance taxes. Upon death, the assets in the trust are divided up among the beneficiaries.
How will property be divided if there is no will? How the property will be divided depends on how the title to the property is held.
Even if you are married, you can own title in your own name. You can also own title in the name of a corporation, partnership, limited liability company or even in a trust. As a general rule, property that is purchased during a marriage might give the spouse rights in that property. Whether the property was purchased in escrow probably doesn't matter. The escrow agent is only obligated to follow the instructions in the agreement to close the transaction and does not have a duty to advise the buyer or the seller as to the merits or pitfalls of the transaction.
A woman wants to buy a home with her boyfriend, who is married and not legal separated. It's important to protect your own finances and assets when in a relationship, especially a tricky one like this.
A woman inherited a home along with her brother. After her brother passed away, is the woman now the sole owner of the inherited home? How the title of the home is outlined will determine who now owns the brother's share of the inherited home.
