There are things that could happen to your house if the homeowner dies. One of them is that surviving spouse who owns the house will not be able to enjoy it for real because the surviving spouse cannot become the full owner unless there’s a will that states so. The surviving spouse can fix this by simply adding his or her name in the deed instead of the deceased person’s name, but this won’t change much especially when the surviving spouse has signed loan documents before he or she also dies.
Why Sell Your Home to ASAP Cash Offer?
- You Pay Zero Fees
- We Close quickly 7-28 days.
- Guaranteed Offer, no waiting.
- No repairs required, sell “AS IS”
- No appraisals or delays.
Get An Offer On Your Home In 24 Hours!
When to start estate planning?
Estate planning is a process of preparing legal documents that will ensure your property and belongings are well taken care of when you die. When would the surviving spouse need to start this? It’s always better late rather than never, but spouses who own properties with the surviving spouse should start this earlier before something bad happens to them either through death or disability. Even if there is no surviving spouse, an adult family member can also do the same by adding his name in the deed or even assigning power of attorney to another person so he or she can make decisions about your house while you’re still living.
Is estate planning necessary?
Estate planning is important because surviving spouses should not simply add their name in the deed without making any changes to the deceased person’s name. This will only prolong the surviving spouse from getting into debts that need to be settled by other surviving members. With estate planning documents, surviving spouse will also have an easy time finding out who should take over and settle all debts and properties after surviving spouse dies.
Questions to ask a probate lawyer before hiring
The probate process is essential because surviving spouse needs to have an idea about this process. Hiring a lawyer is the best way to do this. Before hiring anyone, surviving spouse should ask important questions like these:
– How long does it take to settle all debts and properties after surviving spouse dies?
– What are probate documents?
– What are the fees involved in settling debts and properties?
Probate court can decide for surviving members to sell surviving spouse’s real estate. This is not good because surviving spouse wouldn’t get anything when surviving relatives divide the money after selling a house.
A law firm does not charge a fee to surviving spouse if surviving spouse hires a lawyer, and surviving relatives do not need to worry about surviving spouse losing the house.
If the surviving spouse has any bank accounts under his name, surviving family members cannot touch these accounts. Only spouses are allowed to sign a special bank waiver so they have access to surviving spouse’s account after surviving spouse dies.
Probate assets
Probate assets are properties and belongings of surviving spouse that need to be settled when surviving spouse dies. Surviving family members, friends, relatives, and even lawyers can only find out about probate assets when surviving spouse starts the estate planning process.
Transfer fees on inherited property
Probate assets are subject to transfer fees like purchase money transfer fees, deed recording fees, and more. This means surviving relatives cannot receive the whole amount after surviving spouse dies because surviving spouse needs to pay these fees first before surviving family members can take over properties that are subject to probate.
Sorting out a will
– If surviving spouses make a will, the surviving spouse must sign waiver documents so surviving members can gain access to any bank accounts under surviving spouse’s name (they don’t need to know surviving spouse’s password or account number).
Mortgage debt
The surviving spouse is responsible for mortgage debt. Surviving spouses need to know how surviving spouse can take care of surviving spouses’ obligations after surviving spouse dies.
If the surviving spouse has debts, surviving members might also need to pay off these debts if they want to keep the house and other properties that are subject to probate. For example, A surviving wife needs $1,000 to settle postal service bills before she can receive property inheritance from her husband who passed away without a valid will or trust.
Call Now (818) 651-8166
Why Sell Your Home to ASAP Cash Offer?
- You Pay Zero Fees
- Close quickly 7-28 days.
- Guaranteed Offer, no waiting.
- No repairs required, sell “AS IS”
- No appraisals or delays.
What happens to outstanding debt when you die
As a surviving spouse, surviving members may be responsible for debts. This may include a surviving spouse’s medical bills, bank loans, credit card debts, and more
Outstanding debts might need to be settled before surviving family members can take over surviving spouse’s real estate property and other surviving spouse’s belongings.
If surviving members cannot pay off surviving spouse’s debts, surviving relatives will have to sell a house before surviving family members can take over surviving spouse’s properties. This is why surviving relatives need to know about debts so they have an idea about how much money it will cost them to take over surviving spouse’s assets when surviving spouse dies.
Joint ownership of property agreement
Joint ownership of property agreement is a good way to avoid the probate process. Surviving spouse needs to know surviving spouse’s members’ views on surviving spouse’s plan for the house after surviving spouse dies.
If you want surviving family members to take over your assets or keep them under surviving spouse’s name, surviving spouses need to sign up joint ownership of property agreements so they can avoid sharing their real estate and other related properties with surviving relatives who can decide whether or not to sell surviving spouse’s real estate and divide the money among themselves after surviving spouse dies without writing a will.
Surviving Spouse Has No Will
What happens if surviving spouses don’t make wills? This is especially true if elderly couples without any children deplete their estate during their lifetime. Surviving spouses need to transfer surviving spouse’s assets under surviving spouse’s name if surviving spouses do not make wills when they die because surviving family members might end up inheriting surviving spouse’s property by default.
What is intestate succession law
However, surviving spouses need to know the consequences of surviving spouses’ actions. This is especially true if surviving spouses do not make wills when they die. Surviving spouses might end up inheriting surviving spouses’ property by default because of intestacy laws.
Intestacy law is the set of laws that surviving spouses need to follow when surviving spouses die because surviving spouses can become in charge of their deceased spouse’s property in the state where a surviving spouse dies.
Community property laws
– the surviving spouse can ask surviving spouses’ family members to pay surviving spouses’ probate bills because surviving spouses are responsible for surviving spouses’ debts. Surviving family members also have 11 months after surviving spouse dies to decide whether they want other property that is not subject to probate (these assets do not include real estate).
Revocable Trust
If the deceased’s assets are in a revocable trust, surviving spouse needs to know surviving spouses’ legal rights when surviving spouse dies without making a will. Surviving spouses’ assets are transferred to the trust after surviving spouse’s death. Survivors can find out what happens next by consulting surviving spouses’ attorney who handled surviving spouse’s probate case or looking at the trust document
Call Now (818) 651-8166
Why Sell Your Home to ASAP Cash Offer?
- You Pay Zero Fees
- Close quickly 7-28 days.
- Guaranteed Offer, no waiting.
- No repairs required, sell “AS IS”
- No appraisals or delays.
Role of Real estate Agent
Real estate agents can play a big role when surviving spouses die without making wills. Surviving spouses’ real estate agents may be able to provide surviving spouses’ surviving family members with information about surviving spouse’s property and assets or surviving spouse’s wishes for his/her house after surviving spouse dies. But they tend to come with high commissions and take a lot of documents and time to complete.
Children of deceased parents
Sons and daughters of deceased surviving spouses need to be aware of surviving spouses’ property and assets situation when surviving spouses die without making wills because surviving spouses’ real estate and other properties may end up in surviving spouses’ custody if surviving spouses do not make wills. Surviving family members might inherit surviving spouse’s property, too, if surviving spouses die without making wills when they die.
How to sell inherited property?
We buy houses and help property owners like yourself who may not know where to turn or what options they have available to them with all the professional help they might need. Can’t sell your house because you owe taxes or want to avoid foreclosure, in a tight budget, and want to settle debt quickly, etc.? IRS Lien is closing on you? Do you want to sell your house but the property requires extensive repairs? Want to sell your house but a Real Estate Agent charge so much closing costs? ASAP Cash Offer can most certainly help you! Just Fill up the form below, or call us at (818) 651-8166 or closing costs!
