Another Estate Question

[lawman]

When I die my wife becomes sole owner of our farm/home..If she goes first I become sole owner. When both of us are gone our only daughter will inherit the farm/home. What has to happen before a farm/home can be sold after the owner dies? Can it be sold before the will goes through probate? About how long does that take in Texas?

 

[Bamaman]

#1 is to make sure your will is.up to date. Our wills.are.essentially mirror images of each other.

#2 is to make sure the deed on the property is "with rights of surviorship. "

Last one to go will usually require the house/property be included in probate proceedings. The daughter would need an appraisal on the property to come up with a "basis" for tax purposes. How long the probate proceedings takes varies in different jurisdictions.

 

[Another Reader]

A revocable living trust may solve this problem and avoid probate. It might be worth the cost to consult an estate planning attorney, as the cost of probate may be higher.

 

[GalaxyBoy]

In my state (VA) the law requires the will to require the executor to sell the house, or at least to grant the authority to do so. If there's some way to avoid probate, I'd say consult an attorney and do it!

 

[Katsmeow]

When I die my wife becomes sole owner of our farm/home..If she goes first I become sole owner. When both of us are gone our only daughter will inherit the farm/home. What has to happen before a farm/home can be sold after the owner dies? Can it be sold before the will goes through probate? About how long does that take in Texas?

Well this depends. Texas has several options that depend on various factors. First, is there a will? I am going to assume that because you mention a will that there is a will.

In Texas, some estates (not all) can handled with the will filed as a muniment of title. The will is filed but there is no administration of the estate.

My mom recently died in Texas and I had to decide whether to file her will as a muniment of title or whether to go for probate. She had no debts so I could have theoretically chosen either one. To make this determination, I consulted with a probate attorney. Even though I am an attorney, probate is not my field so I consulted with someone who does work in that area. The point is -- you should consult with an attorney knowledgeable in this area.

In my mom's case I decided to do probate since people outside of Texas don't always understand the muniment of title process and certain things I needed to do would be easier if I was the independent executor and could get an EIN and open an estate bank account. I did seriously consider doing the muniment of title (doing probate instead was a little more expensive although not by a lot).

I am planning to sell my mom's house while the estate is still being probated. Because selling by an estate is a more complicated process I had a real estate agent open title on the house even though it hasn't been listed yet. I've been working through the title company requirements in order for the estate to sell the house

While that is the choice that I felt was best for my situation ...your family's situation might be different. Bear in mind, each state's requirements are different. You should get advice from an attorney knowledgeable about this area in Texas (from your post I assume that the property and you and your wife are in Texas).

 

[pb4uski]

My understanding is that Texas allows one to have a transfer on death deed that would avoid probate.... the property would be transferred to your heir outside of probate similar to a beneficiary designation for a financial instrument.

https://texaswillsandtrustslaw.com/2015/08/07/the-texas-transfer-on-death-deed/

It looks like you would need to have a joint tenancy with right of survivorship so either you or your wife would own the property if one of you were to die and a transfer on death deed so your heir can inherit the property upon the second to die (or if you and your wife die simultaneously). Time to consult a lawyer.

 

[lawman]

Thanks guys...I think I will contact an attorney..