Where in a will do you designate real estate? (transfer, creditors, accounts)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
A webpage by Charles Schwab gives three ways to pass on real estate.
1. Trust
2. Transfer on death deed 3. In the will
3. I need to make changes to my will as it's been a few years. The attorney at the time is no longer in business and the will has a section III for general bequest of personal and household effects and all sorts of categories are listed such as pictures, books, jewelry, many more.
Where in the will should be real etsate?
Well, of course, we don't know in what state you live (or if you're even in the US). Generally, the early parts of the will state "bequeath all my property, personal and real, to..." and there it is.
For a trust you need a complete rewrite of the will to set up a trust for the beneficiary of said trust.
I don't know how one goes about a TOD deed, but I would expect that's done by a lawyer and then registered at the county courthouse.
A webpage by Charles Schwab gives three ways to pass on real estate.
1. Trust
2. Transfer on death deed 3. In the will
3. I need to make changes to my will as it's been a few years. The attorney at the time is no longer in business and the will has a section III for general bequest of personal and household effects and all sorts of categories are listed such as pictures, books, jewelry, many more.
Where in the will should be real etsate?
Thanks.
You need to go see an attorney to review the old will, make the changes you want, and ensure it will be able to be probated without any issues. You can't just make changes to the existing will without risk that it will be invalid. You could also have an attorney draft a codocil for the real estate.
Probably best to have a new will drawn. Thinking it is harder for a new attorney to review a will than make up a new one.
Look up separate writing in your state. In my state you use it to leave clothing, kitchen supplies etc. I think any asset that does not have a title or cash. Ask you attorney about expensive jewelry etc. that you might have. The separate writing has to be mentioned in the will but you can update it on your own as often as you like. Have the attorney draw up the first paragraph or two saying what the document is.
The home should probably be left in the will. In my state there can be benefits to leaving a home in the will to your children.
I don't see a trust. If you have special needs to manage the home for the beneficiary and the trust also has the money to operate the home, then a trust might be need. The trust probably would protect the home from the beneficiaries' creditors. Would the trustee be a paid professional?
Wills can be misplaced, not found when needed or completely destroyed. Yes an attorney-of-record can hold your will but who is to say that your heirs will remember the name of that attorney? Your first attorney is no longer available so that is a lesson already known.
My grandparents titled their real estate as transfer on death and that was recorded at county office. That is something you can depend on, worked great for them. If the person(s) named as next owners on real estate title have died then their heirs will inherit as specified by your state.
Wills can be misplaced, not found when needed or completely destroyed. Yes an attorney-of-record can hold your will but who is to say that your heirs will remember the name of that attorney? Your first attorney is no longer available so that is a lesson already known.
My grandparents titled their real estate as transfer on death and that was recorded at county office. That is something you can depend on, worked great for them. If the person(s) named as next owners on real estate title have died then their heirs will inherit as specified by your state.
Rules might vary by state, but where I live it is possible to have one's will filed with the county clerk so it is available regardless of the status of the attorney. Otherwise, make sure the person designated as executor knows where the will is kept or the name of the attorney.
Wills can be misplaced, not found when needed or completely destroyed. Yes an attorney-of-record can hold your will but who is to say that your heirs will remember the name of that attorney? Your first attorney is no longer available so that is a lesson already known.
My grandparents titled their real estate as transfer on death and that was recorded at county office. That is something you can depend on, worked great for them. If the person(s) named as next owners on real estate title have died then their heirs will inherit as specified by your state.
Transfer on death for real property is not available in all states. Only 29 states have a law that allows that.
Transfer on death for real property is not available in all states. Only 29 states have a law that allows that.
Our state does not have it at present. They may in coming years during which changes to the will might be warranted. So far situations change every couple or so years.
My father listed his CA home in his will as one of his assets, just like his car, investments, bank accounts, and life insurance. No TOD, no trust, nothing. He had looked into trusts before but disliked attorneys and the complexities, so he researched holographic wills/probate instead. He didn't make individual bequests to anyone, though he did sit down with his 3 children some years before to discuss individual household/family items each of us might want. We each made a list that he kept with his will. Everything else was lumped as other tangible personal property. Other than things on those lists, he directed that the proceeds from everything else be divided equally between us 3. Any further distributions were up to us. He owned the home outright, was a widower, and his was the only name on the deed. He kept it simple. As executor I had court authority to engage a realtor or sell the property privately, then distribute the proceeds. Done and done. There were no hiccups.
My will is written in such a manner that if an individual asset changes all I need to do is write a codicil. Discreet assets such as the house, investment and bank accounts are listed as an attachment. My estate is very simple, not remotely worth a trust. I keep the original will filed at home, but it is also on file with the trust company that will serve as my executor.
Last edited by Parnassia; 01-19-2024 at 04:50 PM..
We did a trust with my son & his wife as trustees to keep our estate out of probate. That was our attorneys advice.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
