Sean Tanko

Las Vegas Estate Planning & Probate Attorney

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Dec 17 2019

What Happens to a Home After Its Owner Passes On?

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.

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Written by editor · Categorized: Blog

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