It’s such a morbid thing to think about, “What will happen with my property once I’m gone?” It’s a huge thing to have to wrap your head around, but it’s not really something you want to leave your loved ones worried about when the time comes. The house cannot stay under a deceased person’s name, the house’s ownership must transfer after the original owner has passed away. Yes, this does mean that a new title will need to be issued, which may be tricky if there is no estate plan. When you pass away the property will be pushed into the probate process, which means that it will play a part in the court-supervised repayment of debts, closing of accounts, and distribution of assets and items that belong to an individual after death. If you leave a Will the property will pass to your named beneficiary after the probate court has confirmed the validity of the document. Leaving a Will usually simplifies the transference of a property after an owner dies. It is possible for the property to be sold before being inherited by heirs. As mentioned before, a property cannot remain in a deceased person’s name. If you have a jointly owned property and one person passes away, the property will usually go under the ownership of the remaining owner. In this case, the property would more than likely skip the probate court, the easiest way to ensure that this would occur is to have a joint tenancy with the right of survivorship. That is something that is commonly used by married couples, which means if one spouse passes away, the title goes directly to the surviving spouse. The best way to ensure that you keep your property out of probate court and ensure it goes directly to your heirs is to have an estate plan as well as ensure that your title is properly addressed, the documentation regarding your estate would ease the burden on your heirs and family after your passing. Our Gables Title Group team is here to help you have your ideal real estate transaction, from “contract to closing”.
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