Title Tips

ESTATES

(transferring real property out of deceased persons names)

Joint Tenants: When a property is held in joint tenancy and one of the owners dies, the surviving party automatically receives the deceased party’s interest. A recorded death certificate allows the surviving party to sell or transfer the property.

Sole Ownership: When a property is held by an individual, there is no automatic succession of the property when the individual dies. The property must follow the laws for either testate succession or intestate succession.

Tenants in Common: Owners of a property held as tenants in common usually own, as a sole owner, a percentage of the whole property. As with sole ownership, the property must pass through the testate succession or intestate succession.

Trust: Property held in a trust must be conveyed out of the trust by the trustees of the trust. The trust should have specific designation provisions regarding what happens upon the death or resignation of the trustees. In most cases successor trustees are designated and the granting deed is signed by the successor trustees. It is very important that the trust documents be brought to the title company prior to closing to assure the proper signatures are being used.

Testate succession

Testate succession is when a will is left and that will is probated within 3 years of death. Letters of Testamentary are recorded appointing a personal representative. The property is then transferred using a Personal Representative’s Deed.

Intestate Succession

Intestate Succession is used when there was no will left or a will was left but the will was not probated within 3 years of death. When a property owner dies intestate, the state intestacy laws determine who receives the property and a Decree Determining Heirs is recorded. To transfer or convey real property of an intestate estate, deeds from each of the heirs need to be recorded.

The contents contained herein are intended for general informational purposes only, and should not be construed or relied upon as legal advice or legal opinion on any specific facts or circumstances. Anyone needing specific legal advice should consult an attorney.