Rewording the House Deed after father's passing away

[elmxl]

What is the name of your state (only U.S. law)? NY

My father just passed away and i'm helping my mother getting everything in order.

The deed is written as joint tenants with rights to survivorship.

I am the daughter and I am the Executor of the Estate on the will (was for both parents and now will be for my mom)

I have a sibling and a trust is being set up for my sibling that I will handle.

This brings me to the question of the deed.

She owns the home as the deed states. My brother and I will receive 50/50 of the entire estate.

Since she is only listed on the deed, does the will automatically kick in where the assets are divided or is it a good idea to list me on the deed (not as owner) so that it doesn't go thru probate?

Confused as to how this might work.

 

[adjusterjack]

Since she is only listed on the deed, does the will automatically kick in where the assets are divided or is it a good idea to list me on the deed (not as owner) so that it doesn't go thru probate?

Condolences.

You don't have to do anything with the deed. Ownership passes automatically and bypasses probate.

And there's no such thing as being put on the deed "not as owner."

Why are you setting up a trust for your brother? Is he a minor?

 

[elmxl]

Condolences.

You don't have to do anything with the deed. Ownership passes automatically and bypasses probate.

And there's no such thing as being put on the deed "not as owner."

Why are you setting up a trust for your brother? Is he a minor?

Thank you!

I have concerns about probate. I am moving out of state in the next year or so and i would guess that dealing with probate in the courts is time consuming so it automatically passes to the beneficiaries. Since i will be the executor, I would sell it and divide the assets equally.

The will was done for my parents and dictated that the estate will set up a trust account for my sibling.

 

[Zigner]

The will cannot dictate what your mother does with her portion of the estate. She is free to change her will however she pleases.

 

[LdiJ]

What is the name of your state (only U.S. law)? NY

My father just passed away and i'm helping my mother getting everything in order.

The deed is written as joint tenants with rights to survivorship.

I am the daughter and I am the Executor of the Estate on the will (was for both parents and now will be for my mom)

I have a sibling and a trust is being set up for my sibling that I will handle.

This brings me to the question of the deed.

She owns the home as the deed states. My brother and I will receive 50/50 of the entire estate.

Since she is only listed on the deed, does the will automatically kick in where the assets are divided or is it a good idea to list me on the deed (not as owner) so that it doesn't go thru probate?

Confused as to how this might work.

Generally putting you on the deed would be a very BAD idea. Unless probate is very expensive in your state, the cost of the taxes that you would pay on the sale of the house would negate any benefit from avoiding probate. If you inherit the house you will get a stepped up basis to fair market value. If you get put your name on the deed it is a gift and you have your mother's basis.

 

[elmxl]

The will cannot dictate what your mother does with her portion of the estate. She is free to change her will however she pleases.

It's my mother's will that has already been done and the will says there is a trust that needs to be created. My siblings 1/2 will go into the trust account that I will administer.

 

[elmxl]

Generally putting you on the deed would be a very BAD idea. Unless probate is very expensive in your state, the cost of the taxes that you would pay on the sale of the house would negate any benefit from avoiding probate. If you inherit the house you will get a stepped up basis to fair market value. If you get put your name on the deed it is a gift and you have your mother's basis.

My mom has an appt. at the attoney's offiice and we will ask questions.

 

[Zigner]

It's my mother's will that has already been done and the will says there is a trust that needs to be created. My siblings 1/2 will go into the trust account that I will administer.

Since your mother is alive, her will doesn't mean anything.

 

[adjusterjack]

My mom has an appt. at the attoney's offiice and we will ask questions.

If her estate is substantial I suggest she consider creating a trust now and put all her property and assets in it with you as trustee with a pour over will that funnels any remaining assets into the trust upon her death.

That way her estate bypasses probate and will be easier to administer.

Talk that over with the lawyer.

Again, is your brother a minor? How old is he? How old is your mother? Why does she want a trust for him? Is he a wastrel, an addict, something else? Mandating that a trust be created in the future might not be a good idea for any number of reasons.

 

[elmxl]

If her estate is substantial I suggest she consider creating a trust now and put all her property and assets in it with you as trustee with a pour over will that funnels any remaining assets into the trust upon her death.

My mom won't do that right now. She had a tough time giving in and having papers drawn up giving me power of attorney. She is old school and the lawyer said it's easier to give me power of attorney and simply lock away that paper until the times comes that i need it. He explained it would take alot of time dealing with the courts to get things straightened out if i didn't have that paper when the time came to use it. She finally agreed and it's in a lock box.

That way her estate bypasses probate and will be easier to administer.

Talk that over with the lawyer.

Again, is your brother a minor? How old is he? How old is your mother? Why does she want a trust for him? Is he a wastrel, an addict, something else? Mandating that a trust be created in the future might not be a good idea for any number of reasons.

My brother is a wasatrel and that is one of the reasons my parents thought it was a good idea to set up a trust account upon their death.