Thursday, 24 July 2014

IS there anything other than probate, can be done to get a house out of an estate?

Question

IS there anything other than probate, can be done to get a house out of an estate?



Answer

The answer to this question depends on a number of factors.

How is the property titled? The property may pass outside of probate if the title allows for the right of survivorship and there is a surviving party on the title to take ownership.

Alternatively, if the property is titled into a trust then it would also pass outside of probate.

Unfortunately, these two options are the result of steps taken before the passing of the owner. If the property was not set up in advance to pass outside of probate, then probate may be the only route available. I recommend seeking an estate planning/ probate attorney for further assistance.



Answer

If everything can be cleared, it is possible that a title company will insure the passing of title to another party through a deed from the heirs. An experienced real estate closing attorney can work with a title company to evaluate the options after making sure that there were not other plans in place (joint ownership, ownership in trust or land trust) and that the advantages outweigh any risks.



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