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View Poll Results: What owns your house?
Person's name 166 90.22%
LLC or business 3 1.63%
Landtrust 3 1.63%
Other 12 6.52%
Voters: 184. You may not vote on this poll

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Old 08-21-2013, 08:04 AM   #21
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I am thinking that probate often gets an undeserved bad reputation. It is simply the legal procedure to assure that creditors and taxes (if any) are paid and the remaining assets distributed in according to a will if there is one, and the state laws if there isn't.

For most people with relatively simple wills and estates it isn't that complicated. It just seems that way because it is something we don't deal with often.

Now, if there are unresolved lawsuits pending, and the decedent owned multiple companies/corporations, owned property in foreign countries and similar complicated stuff, then hire a lawyer and hide.
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Old 08-21-2013, 09:01 AM   #22
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I've got a house that's mine alone, that me and the finance company own...
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Old 08-21-2013, 09:21 AM   #23
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I voted "other" because our home, free of mortgage, is titled in the name of our revocable family trust. We have the trust only because we want our assets distributed as we dictate and not at the discretion of the courts. The trust precludes any law suit pertaining to others that may lay claim because of blood lines. I should have said "potential" lawsuits because anybody can sue anybody for anything, anytime.
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Old 08-21-2013, 10:19 AM   #24
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After sitting through a trust seminar/sales pitch down south we spent an hour with an estate lawyer up here. Her advice for our situation was to do as we've been doing: JTWROS on everything. That's for a no kids (edit: no marriage) couple with under 5 million in assets. Cool! I like easy.
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Old 08-21-2013, 10:36 AM   #25
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Condo is Me and DW, Husband and Wife. We purchased a vacant lot in 1991 on which our house now sits. Lot deed says Me and DW, not in Tenancy in Common, but in Joint Tenancy. But if you ask DW, she'll say the house is hers.
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Old 08-21-2013, 08:27 PM   #26
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Home in the US is in my name, the international homes are in a Personal Corp.
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Old 08-22-2013, 07:41 AM   #27
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For people which keep their names on the property, is that because it is how you financed (and paid off the house), or because you considered a trust of some sort then decided to NOT change the title of ownership?
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Old 08-22-2013, 08:06 AM   #28
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We have everything that can be in our living trust.

It only cost a few hundred bucks to create and was painless. Only two visits to lawyer and one for signings.

I can add amendments at will (so to speak)
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Old 08-22-2013, 08:15 AM   #29
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Quote:
Originally Posted by Sue J
The title has DH and I as joint owners with right of survivor. No mortgage, no liens.

If our assets are not large, is there a reason to title it otherwise? We do have wills leaving all assets to our 2 adult sons.
You can google probate in your own state and find the best ways to avoid it.
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Old 08-22-2013, 08:48 AM   #30
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JTWROS here.
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Old 08-22-2013, 09:27 AM   #31
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Exactly, almost verbatim, what my brother (private practice attorney back then, now a district judge) always told me when I would freak out about needing a will. He handled lots of wills and divorces, etc. so I kinda trusted him, yet always wondered....


Quote:
Originally Posted by Walt34 View Post
I am thinking that probate often gets an undeserved bad reputation. It is simply the legal procedure to assure that creditors and taxes (if any) are paid and the remaining assets distributed in according to a will if there is one, and the state laws if there isn't.

For most people with relatively simple wills and estates it isn't that complicated. It just seems that way because it is something we don't deal with often.

Now, if there are unresolved lawsuits pending, and the decedent owned multiple companies/corporations, owned property in foreign countries and similar complicated stuff, then hire a lawyer and hide.
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Old 08-22-2013, 11:45 AM   #32
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In my state of Ohio you can add an affidavit for Transfer On Death. After one of us dies, the survivor could add the TOD to our sons.

After Mom died we had a quick and inexpensive chat with a lawyer who basically told us that for Dad a TOD on the property, a POD on bank accounts and a change of beneficiary on his IRA took care of just about all of his assets. The rest is personal stuff like clothing, furniture, etc.

Quote:
Originally Posted by Gatordoc50 View Post
You can google probate in your own state and find the best ways to avoid it.
Thank you.

From https://www.ohiobar.org/ForPublic/Re...mphlet-17.aspx

Quote:
What property is not included in probate?
Property that is not probate property (called nonprobate property), and therefore is notpart of the probate proceeding, includes: property held by the decedent and another as joint tenants with right of survivorship; property held in a trust; accounts that are payable on death (POD) or will transfer on death (TOD)to a named beneficiary; and insurance or retirement benefits that are payable to a named beneficiary. Nonprobate property passes directly to a named beneficiary, survivor or successor in interest, independent of any probate proceeding.

Property that must be included in probate and property that is subject to estate taxes are two different matters. Both probate property and nonprobate property may be subject to federal or Ohio estate taxes.
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Old 08-22-2013, 01:12 PM   #33
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BTW, I have my house in an LLC and get almost no junk mail (only get they type addresses to current resident). Because it shows up as a business in a residential neighborhood, guess the mailing list companies removed my name from their lists.
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Old 08-22-2013, 03:28 PM   #34
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My house is in my name. I own 50% of it, and Wells Fargo still owns the other 50%.
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Old 08-22-2013, 08:38 PM   #35
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though 90% if the house is ours, I've always considered it the property of the state. don't pay the property taxes here in WA and see how long you "own" it.
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Old 08-23-2013, 05:46 AM   #36
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I've wondered about this, the house is in my wife's and my name but I have to pay rent/taxes to the town each year, if I stop they take the house or some such. So do I really own the house?
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Old 08-23-2013, 06:46 AM   #37
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Quote:
Originally Posted by padlin00
I've wondered about this, the house is in my wife's and my name but I have to pay rent/taxes to the town each year, if I stop they take the house or some such. So do I really own the house?
The average property tax rate is about 1.3 %. Kind of like paying a financial advisor!
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Old 08-23-2013, 07:01 AM   #38
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Quote:
Originally Posted by jIMOh View Post
I have my house in an LLC as protection from an ex wife, creditors and to help it pass to my kids without probate.
Ours is in name as in Florida your home is automatically protected from creditors and such.
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Old 08-23-2013, 08:16 AM   #39
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Ours is in a revocable trust. It was paid off 10+ years ago.

Cheers!
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Old 08-23-2013, 09:11 AM   #40
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Quote:
Originally Posted by padlin00 View Post
I've wondered about this, the house is in my wife's and my name but I have to pay rent/taxes to the town each year, if I stop they take the house or some such. So do I really own the house?
So even if your house is paid off, the government can take it from you if you fail/forget to pay for the privilege of living there.
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