Are you in the middle of a deceased estate transfer? Perhaps a member of your family just passed away, and now, you wonder what the process of real estate transfer entails?
Either way, you will find this article resourceful. In this post, we will introduce to you a few basic things you should know about deceased estate transfers, including how to transfer the properties.
That said, let's get into the details!
Must You Undergo Probate To Transfer A Deceased Estate?
First, what is probate? Probate simply means verifying the wills of a deceased person and checking that the family or executors follow the instructions on the will.
How Much of The Estate Does The Deceased Own?
There are a few ways the deceased might have owned an estate. Regardless of how, each of the ownership rights has limitations, and that ultimately determines how the family members can assess the said estate.
So, what different ways could the deceased have owned a property?
Here, the deceased owns the estate in its entirety. The will, will determine who gets the estate.
Tenancy In Common
As the name implies, tenancy in common indicates that a couple of owners co-own a property.
In most cases, however, the tenants are siblings who inherited their parents' estates. The tenants could also be business partners.
Either way, if any of the co-owners died, the beneficiary on their will by probate resumes the ownership.
Joint Tenancy With Right Of Survivorship
Joint tenancy is similar to tenancy in entireties because the co-owner often assumes the ownership of a property once the partner dies. As the name indicated, the survivor becomes the sole owner but will undergo a few paperwork.
You Will Still Need Help
We can assist you with the transfer of the property from the deceased, to the executor, and from the executor to the beneficiary.
We handle all cases of family property transfers.
Do not hesitate to get in touch.