Loving Life
Recycles dryer sheets
Home in the US is in my name, the international homes are in a Personal Corp.
Sue J said: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.
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.
You can google probate in your own state and find the best ways to avoid it.
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.
padlin00 said: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?
I have my house in an LLC as protection from an ex wife, creditors and to help it pass to my kids without probate.
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?
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.