Transfer through Register of Wills

Tuesday, August 11th, 2009

Take this scenario: In 1993, a mother passed away.  She is a widow with only one son.  The son and his wife have been living inside the family home since 1990.  The mother did not leave a will and the son didn’t try to change the title.  Fortunately, the insurance and taxes are up to date and the mortgage is paid off completely since 2001.

Now, the son wants to change the title to his name.  But the problem is, he waited too long to do it.  Nevertheless, he can still work around it.  His first step would be to appoint himself as his mother’s estate administrator.  Then, he can transfer the property to his name.  He has to go to the office of Register of Wills and seek help.  There, he will get the necessary administrator appointment.  He has to bring his birth certificate and the death certificate of his mother to expedite the process.

Most likely, there will be an inheritance tax due commensurate for the property’s value at date of death.  Some say, however, that you can appeal to abate the mentioned penalty.  Seek the help of a lawyer to guide you through the transfer and give you advice on the best course to take.

Tags: administrator, certificate, estate, inheritance tax, insurance, lawyer, mortgage, mother, Register of Wills, taxes, title, widow, will
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Getting to Know Family Trust

Friday, June 19th, 2009

A family trust is also known as a living trust or revocable living trust.  It’s a legal document holding ownership or title to your assets and real property.  When you create a family trust, it means that you will transfer the ownership of your assets to this trust.  This asset transfer is typically called “funding.”

You do not relinquish control when you transfer title.  Therefore, you can still borrow, buy, or sell.  Family trust may look similar to a will because it includes information and details of the instructions for your estate at your death.  Unlike wills, however, properly funded trusts:

• -Do not go through probate,
• -Give you control over assets you’re going to leave to your children or grandchildren, and
• -Prevent courts from controlling assets at incapacity.

In other words, you will not lose control of your assets when you write a family trust.  Also, it enables you to pass the property to your family or loved ones after your death.  In addition, it allows you to pick out a successor trustee (or any appointed person) to make sure that your property will go to the people you chose when you pass away.  As a result, you’ll have peace of mind.

Tags: assets, estate, Family Trust, funding, living trust, probate, property, revocable living trust, successor trustee, title
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