Dual Ownership

[RBCC]

What is the name of your state? Oregon
My parents are co owners of a 100 acre farm, one has set up a living trust and the other doesn't feel comfortable with theirs. Now what happens if they both die? Does it go into probate? How does it not happen? John

 

[justalayman]

too little info. too many possibilities.

How title to the property is held and the timing of their deaths are two of the most critical points that could change everything.

 

[RBCC]

Death

If the one who has the Living Trust dies first, which will totally possible. What happens then?

If the one who doesn't have the Living Trust dies first, What happens then?

If they both die on the same date at the same time, what happens then?

John

 

[nextwife]

Again, HOW is the property titled? That is critical information.

 

[RBCC]

Co Owners

The Title is both of their names. After they bought and paid off the place they got a divorce, but they both equal share in the land and buildings. John

 

[nextwife]

That did NOT answer HOW it is titled. Is it tenants i n common, joint tenants, husband and wife, WHAT is the form of ownership between them>

 

[BlondiePB]

That did NOT answer HOW it is titled. Is it tenants i n common, joint tenants, husband and wife, WHAT is the form of ownership between them>

Your dentist's office is open, nexie?

 

[RBCC]

Joint Tenants

It is Joint Tenant they both own 1/2 !

 

[justalayman]

It is Joint Tenant they both own 1/2 !

they each own an indivisible hlaf. If one dies, the other automatically takes total posession of the property.

 

[RBCC]

What if?

What if after the one dies then the other become incapacitated? Then dies? John

 

[nextwife]

Any liens, mortgages, or judgments already against the property pass along with that half.

 

[RBCC]

If they own it outright?

What if they paid off the mortgage and own the property clear. No Leins or payments? Does the living trust assume control? John

 

[Zigner]

What if they paid off the mortgage and own the property clear. No Leins or payments? Does the living trust assume control? John

If the 1 with the trust dies first, then it passes to the 1 without the trust and never becomes part of the trust.
If the 1 without the trust dies first, then it belongs to the one WITH the trust. Upon that person's death, it would be disposed of as any other asset.