What happens to your home when you pass away?

Q. My husband and I own our own home. I am concerned about what will happen when one of us dies? Does our title need to go through the Probate Court?

A. You can minimize the need to probate an estate by making sure that all of your assets including your home are in both names. Your original deed would need to indicate that you and your husband hold title as joint tenants with rights of survivorship so that the surviving spouse would have 100% ownership without involving probating the home.

Another option would be to hold title to your home in a Revocable Trust. Any asset held in trust would be immediately available to your beneficiaries upon your passing. Assets in a Revocable Trust skip the probate process, thus keeping your estate private and allowing your assets to be given to your heirs quickly.

You should review your estate planning with a professional.

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Published in: on March 30, 2010 at 10:51 am  Leave a Comment  
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