Inheriting a home through a loved one's trust or will can be a wonderful gift. A tough economy and skyrocketing home prices present a daunting challenge for many Americans looking to buy a home. Acquiring a piece of real estate can be an incredible advantage, and frankly, a huge relief.
Have you inherited a house? You need to alter the property deed to include your name. The T&W explains how to change a deed when you inherit a house.
However, before you can celebrate, it's important to understand the legal aspects of inherited property. In particular, you need to make sure that you get the deed to the house you just inherited changed so that you can truly call it your own. Not to worry! In this guide, we'll explain how to convert a deed when you inherit a property and why it's important.
What does it mean to be on the house deed?
A deed to a house means that you are the legal and rightful owner. A house deed is a legal document used to transfer the ownership of real property from one person to another. (Real property includes a house and the land it sits on.) Transfers of ownership can occur between a buyer and a seller. It can also happen between the grantor and his beneficiary.
In other words, a deed change is the key to ensuring that you are the owner of the home from a legal point of view and not just from a transactional or financial point of view. If your parents or grandparents decide to bequeath their home to you, their will, trust, or probate court decision is not sufficient. You should take extra steps to ensure that the deed is changed to ensure that you have completed the process of inheriting the house. Otherwise, the home is still technically your loved one's property, even though you may be living in it.
Having a deed to a property is important because it proves that you, as the owner of the property, have the legal right to take action related to that property. It also proves ownership, so you can refinance your mortgage, or even apply for disaster relief funds from the government.
While this may sound like the homeowner's side of the matter, it is not necessarily that straightforward for everyone. Some heirs find themselves in uncharted territory, such as when they face probate issues or issues with the deed itself.
That's why you must protect yourself by understanding the deed alteration process and making sure that completing the deed alteration is the number one priority after acquiring any immovable property. We will tell you how to go about it.
How to change the deed after inheriting the house
If you've inherited a house, changing the deed is one of the first things you'll want to do. This is an important step that ensures that your name is on the deed and proves your legal right to the property going forward. Here's a step-by-step guide that breaks down the process.
Step 1: Get a Copy of the Probated Will
Before you can change the deed on the inherited house, you need to collect some important documents and information. The first document you'll want to get is a court-examined copy of your loved one's will.
The person writing the will should have included a statement that they bequeath the property upon their passing, including a full description of the property.
Most states will require proof that the will has been probated before the deed can be changed.
Step 2: Confirm the nature of ownership of the property
Next, find out the nature of ownership on this particular property. Some owners may choose to set up a "transfer-on-death" deed before they pass away. This automatically transfers the property to you upon your death, and serves as your property deed, to be used in conjunction with a copy of the death certificate.
Otherwise, a property is usually jointly or solely owned. If the property was owned by one person, or more specifically, if there is only one person on the deed, then there should be no complications going forward.
However, if the property was jointly owned, you would need to take some additional steps. This means that there are two people on the deed, and when one of those people passes away, the deed belongs to the surviving owner. You have to confirm that you are indeed eligible to inherit the property, even if it is bequeathed to you. The probate court must discover any potential issues and make a decision.
Step 3: Get an attested copy of the death certificate.
As with any type of deed, you will need to obtain proper proof that the previous owner of the house has passed away. You will need a copy of their death certificate to submit along with the copy of the new deed as required by your county administrative services.
Step 4: Prepare a new deed that names you as the owner of the property.
Once you have gathered all the necessary information and documents, it is time to prepare a new deed. On this deed, write your full legal name and address, as well as the full legal name and address of your loved one who died.
You must also include a detailed description of the parcel and related property (property that you inherited). Be sure to name any co-owners on this new deed if you co-owned the property with someone else in your property. Inherited. ,
You generally don't need to work with an attorney, although you may want to consult with one. If you're not sure how to draw up a new deed, you can view templates and examples online. Your local county may also provide a blank template.
Step 5: Sign the Deed.
Once your deed is drafted, you need to take a few more steps to finalize it. Signing it is the first step. However, don't sign it just yet. You'll want to sign this under the supervision of a notary, which we'll cover in the next step.
Step 6: Get the New Deed Notarized
Schedule a meeting with the notary to have your deed notarized. This person will verify your identity to make sure that signing the deed is valid, and that you are who you claim to be.
Once the notary has verified your identity, your documents, and your signature, they will provide their notary seal.
It is common practice for most legal documents to be effective.
Step 7: Deliver the New Deed
We recommend visiting your local county recorder's website to find specific instructions regarding submitting your deed.
Typically, you will need to submit additional supporting documents, such as a copy of the death certificate and probated will. You can usually submit these documents, as well as the deed, by hand-delivery to the office or by mail. You must pay the filing fee in person or include a check if you are sending your materials by mail.
Next: Update your estate plan to include your new property.
Inheriting property is a great thing, but be sure to take the right legal steps before you actually call it your own. In this case, it's making sure your name is on the deed. Your loved one may have bequeathed the property to you in his will, but you cannot call yourself the legal owner of the house as long as his name remains on the deed. Fortunately, changing a deed after inheriting a house is not too difficult a process. It is all a matter of gathering the necessary documents and submitting them to the correct local government office. Once you do this, you can rest assured that the house is truly yours.
If you've inherited an asset, don't forget to update your estate plan! Buying, selling, or inheriting a home are triggering life events that affect your personal mix of assets and the assets you can leave to your loved ones. If you need any assistance with updating or setting up an estate plan, we are here to help! Establish a will and trust with faith and desire today!
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