After Death, Legal and Financial Responsibilities: Part Three

By Sharon Ravenscroft, Esq.

When a loved one dies, there are various legal and financial responsibilities that arise. This is the third of three articles to address these responsibilities. The prior articles addressed identifying creditors and financial accounts and distributing accounts. This article addresses transferring real property.

Before distributing any assets, the decedent's will or trust should be located. If the decedent does not have a will or trust, there are statutes which designate the distribution of the decedent's assets. If there is a trust, then assets will need to be retitled to the successor trustee and distributed. If there is not a trust, then a probate may be necessary based on the total value of assets as described above.

For real property which is titled in the name of the decedent, where there is no joint tenant with right of survivorship, a trust or beneficiary deed, and if the total value exceeds $50,000, then a probate will be necessary. This $50,000 total does not include personal property, such as financial accounts or tangible, touchable personal property.

Where there is a joint tenant with right of survivorship or beneficiary deed, a death certificate needs to be recorded with the appropriate county recorder in order to transfer title.

If the property is titled in the name of a trust, the successor trustee will need to take control of the property and distribute it according to the terms of the trust.

Handling the financial and legal responsibilities of a decedent can take a great deal of time on a day to day basis. Many times most of distribution can be done with in four to 12 months. Sometimes it takes longer or there are obstacles that arise. This article and the prior two are designed only to give the highlights of responsibilities and consultation with an attorney or accountant is highly recommended.

After Death, Legal and Financial Responsibilities: Part One

After Death, Legal and Financial Responsibilities: Part Two

After Death, Legal and Financial Responsibilities: Part Three