When a parent passes away, the children of the deceased as well as the executor of the estate may have certain challenges when attempting to liquidate the estate’s assets. An estate planning attorney in New Jersey can be helpful for guiding executors through this process.
In plenty of estates, the home belonging to the parent may be the biggest asset inside the estate. It requires special involvement and is relatively illiquid. The transfer of real estate is not always easy. How the deed is titled at the time the person passes away will have a specific impact on how the property can be transferred. If you don’t currently have a copy of the deed, contact the county recorder’s office. There are several different types of deed issues that can impact transfer. These include:
- Joint tenancy. If the home was owned in joint tenancy or tenancy by the entirety, this joint owner or surviving spouse automatically becomes the new property owner and a new deed is not required.
- Sole ownership. The property has to go through probate before passing to the heir or heirs designated in the will.
- In trust. Property can eb left to a variety of trusts and in this case a new deed would have to be prepared by the estate executor and recorded in the county clerk’s office.
- Without joint tenancy. If the will specifies another person or people to whom legal ownership of the property should pass, a new deed will be required.
- Fiduciary authority. The executor has the right to dispose of the property at a private or public sale unless the will specifies another disposition.
The support of an experienced estate planning attorney can be very helpful in navigating this complex process.