More details to this question:
One of the three owners of a property has passed away and there is no verbiage contained in either the Grant Deed or the Promissory Note which states what becomes of her interest in the property. I currently own 50 % of the property and the Promissory Note which has an outstanding balance due. My question is what becomes of her interest in the property ?
1 ANSWER
If she has a will or a living trust, then the property goes to whomever she said in her will or trust. If she died without a will or trust, then ti goes to her legal heirs. That starts with her spouse and children, or grandchildren if the children are gone. If there are none, then her parents. If there are none, then her siblings and then their children, nieces and nephews.
Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need.
If you appreciate this free advice, please remember to refer me to any friends or acquaintances who need a lawyer. Referrals are still our best source of new business.
Dana Sack
Answered on Oct 30th, 2017 at 10:58 AM