Transfer of Title:
Today one of our students on the call talked about wanting to help a family he knew that have an issue with title to a property. It seems that a Grandmother owned the family home who passed on & the main heir is one son. The problem lies in that the one son is now not in good health. The other family members want to change ownership of the property to all of the siblings in the family others in case of more health issues for him.
We discussed that through the help of the county or a title company the simple process can be handled. A Land Trust could be created in the Family name. The son who is ill could then sign a quit claim deed transferring ownership to the newly formed Trust. The other family members can then have all of the siblings as the beneficiaries or owners of the trust. This trust can now be filed at the county as the new ownership.
The banks do not have issues with the property being put in a trust. It does not break the “due on sale” clause that is put in most mortgage paperwork. The banks know that owners will put property in trusts for estate planning purposes.
Now all the siblings can control the property accordingly to how they agree to set up the ownership of the property without concerns of health issues.
Probate:
We also discussed more on Probate today. We talked about how to look in Legal newspapers for death notices & acquire a file # for them running it through the courts, executor’s name, the date of the hearing, & the county attorney’s name.
The file # is the numbers referencing this estate in the courts and the executor is which heir is in charge of distributing the will to the rightful owners. The date is when it goes to court and the attorney who will process it for the county probate.
Next, review the tax assessor’s roles to see if the deceased owned property that would be part of their probate court.
After that one can go to the courthouse to review the probate file to see if the executor has full authority which means they can sell the property without the courts approval. Also see if they can sell it “with or without notice” which means if they sell it to us that they don’t have to give public notice that they are selling it.
Once you have this targeted type of situation then you can send the executor a letter stating you are sorry for their loss but to inform them that they have the right to sell the property before it goes to court. That way they can get the money they want up front and they don’t have to wait on the courts.
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