How Home Ownership Is Transferred After Its Owner Dies

After an individual passes away, it is possible that his or her home could be transferred to a spouse or another family member. If there is a mortgage on the home, it could be repossessed by the lender if no one is willing to pay off the balance. The state may decide who gets a home if an individual doesn’t have a will or trust.

What Happens to a Home That’s in a Trust?

If a home is in a trust, it will transfer to its new owner per the language of that document. In some cases, it may be transferred to multiple beneficiaries who will each own a percentage of that property. A house may also be transferred without the need for probate if it a spouse still lives there of if another person living there has the right to inherit it directly.

What If the Home Is Transferred Through a Will?

There are many possible answers to the question of what happens to a home that has been left to beneficiaries in a will. If there is a balance on a mortgage, the lender could make a claim to the home. If a child or grandchild has not been given an interest in the property, he or she could challenge the terms of the will. A probate attorney in Las Vegas may be able to answer questions about how probate may impact how a home is transferred.

What Happens If There Is No Will or Trust?

In the event that a person dies intestate, his or her assets could be distributed according to state law. This means that a parent, sibling or child may receive the title to a home. The same could happen if a will is declared invalid or is otherwise successfully challenged by a creditor or disinherited beneficiary.

Using an Estate Plan to Care for Pets

There is a chance that you could outlive your pets, which means that there may be no one to care for them after you’re gone. However, you can ensure that they will be safe and happy by leaving assets for them through a will or trust. It may also be possible to leave care instructions as part of your will or as part of other estate plan documents.

Your Will Can Tell Others How to Care for Pets That Are Left Behind

In a will, you may be able to tell friends, family members or a foster care provider how to care for pets after your passing. For instance, you may be able to describe the type of food that they eat, how often they should be fed and whether they have any medical needs to account for. It may also be possible to express an opinion as to whether the animal should be adopted and what an ideal family would look like.

Leave Assets for the Animal Through a Trust

It may be easier to find someone to care for your animal if you leave money or other resources to help accomplish that goal. This can be done by creating a trust for the animal that is administered by a care provider or anyone else who you believe is capable of doing so. Friends, family members and others may be able to make gifts to the trust.

What Happens to a Pet Without Detailed Instructions?

Without a plan in place, your pet could be sent to a shelter where it may not get the love and attention it deserves. It could also spend days alone stressed and without access to food and water. An estate planning attorney in Las Vegas may be able to provide more details about providing for a pet after your passing.

Politics Shouldn’t Impact Your Estate Planning Decisions

Politicians generally have different ideas about how much people should pay in taxes. This is generally true when it comes to gift taxes paid while still alive and estate taxes paid after an individual passes away. However, it is generally not a good idea to allow possible changes to the tax code to alter your thinking as it relates to creating a plan that meets your needs.

The Estate Planning Process Should Already Be a Flexible One

Ideally, you will create wills, trusts or other plan documents in a way that allows them to be as flexible as possible. As part of your estate planning process, it may be possible to create a trust that you gift money or other assets to. You may also be allowed to name yourself the beneficiary of that trust, which allows you to retain access to the assets inside of it while still holding them outside of your estate. This can be ideal because you’ll minimize a potential tax bill without compromising your financial stability.

Tax Changes May Never Come to Pass

There is a chance that a proposed change to the estate tax code may never come to pass. For instance, a politician may say that he or she will reduce the estate tax exemption if elected. However, the idea may not have enough support to get through the legislative process. Therefore, you could be making preemptive changes to your estate plan that don’t actually help you in the future.

Obtaining Professional Help Is Usually a Good Idea

It is generally in your best interest to talk with an estate planning attorney in Las Vegas or other professionals about your estate plan. After your plan has been created, it is also a good idea to review it at least once a year. A review can be done on your own or with the assistance of a trusted adviser.

When There Is Not Enough Money to Pay Off Debts

An executor has an important job of settling the estate of the deceased. You must pay legitimate debts, which are funeral expenses, income taxes and medical bills. If you do not have enough money to pay off debts and taxes, then you should talk to a probate attorney in Las Vegas immediately. It is the law that some creditors must be paid first over others.

Insolvent Estates

It is called an insolvent estate when the debts outweigh the assets. Money is owed to the creditors. The executor should not rush and start paying off debts. The law requires that certain creditors must be paid in a specific order of priority. If you pay the wrong creditors first, then you can be held personally liable for the debts.

Get an Insolvency Administration Order

The executor must ask the court for an insolvency administration order. This order allows you to settle the debts of the estate. The creditors also can apply for an insolvency administration order. However, they must demonstrate the estate is insolvent.

Creditors can appoint an interim receiver to protect the assets as well. The interim receiver can serve in this position until the case goes to court. A probate lawyer can help you protect your assets in this situation.

Hierarchy of Payment

It helps to know the type of debts the law required to be paid first. You must pay the debts in this order. This order includes secured creditors, funeral expenses, testamentary expenses, and any other debts.

If the deceased gifts money to beneficiaries, then the creditors can come after this money. It can be frustrating when dealing with an insolvent estate. You should talk to a probate lawyer to determine how to proceed.

Protecting Your Assets: Why Most People Don’t Have a Will

At some point, it’s a good idea for you to sit down with a lawyer and make out a will. Estate planning will help secure your assets in the long run. It’ll also help prevent bickering among family members. While the extra peace of mind is well worth it, less than half of all American adults have an estate plan in place. Let’s discuss the key reasons why most people don’t have a will.

Would Rather Not Deal With It

Understandably, most people hate the thought of writing out a will. They simply don’t want to think about death. This is the reason why people tend to procrastinate about putting a will in writing. The best approach is to get the process of estate planning over with as soon as possible. Expect the entire procedure to only take an hour or two. While sitting down with an estate planning lawyer in Las Vegas, you’ll discuss your assets and what you would like to happen to them.

Don’t Think They Need a Will

Never make the mistake of thinking you don’t need a will. After someone passes, it’s not uncommon for families to fight over property and money. Even an old heirloom can cause a great deal of confusion. Although you may consider your family members to be mature, always prepare for the worse. If you fail to create a will, the government will essentially make one for you. This could trigger even more problems.

Not Sure How to Go About Making a Will

Some people are simply unfamiliar with the process of writing a will. Luckily, it’s not a difficult task. The most important thing is to find an experienced lawyer who specializes in estate planning. Trust them to lead will you in the right direction.