QUESTION
Where there is a Will, can heirs transfer the decedent's unencumbered home to one beneficiary without going thru probate?
Asked on Jun 05th, 2013 on Wills and Probate - Illinois
More details to this question:
1) My mother's will names her 10 children as beneficiaries. 2) The will states that all assets are to be sold to pay off debt and any remaining funds are to be distributed equally to the 10 heirs. 3) My siblings (the heirs) all agree that the home should be transferred to me as I lived with and took care of mom for the last 11 years of her life. 4) Does this transfer have to happen through probate and if not, what is the easiest and least expensive way to make this transfer happen?
1 ANSWER
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There are many details needed to provide good guidance and answer your questions. More than likely, however, probate may not be avoidable. Some of the questions to be answered are: How much debt is owed? What are the other assets in the estate? Will all 10 siblings agree and be willing to sign a family settlement agreement? and others. If all 10 siblings agree, the home could be transferred to you whether the estate is probated or not; but it would require the agreement of everyone.
Answered on Jun 05th, 2013 at 4:03 PM