Last month, we talked about giving your home to your children during your life time. This month we will discuss property transfers that occur after death.
The following is a brief outline of the some of the methods used to transfer property after death:
- Life Estate Deed: A deed retaining a life estate allows you to convey your ownership interest in your home to your children, but retain control of your home until you pass away.
- Community Property Right of Survivorship: If a deed declares that your home is community property with a right of survivorship, your home will go to the surviving spouse without having to go through probate.
- Revocable Living Trust: If you transfer your home to a trust, it is held by the trustee for the benefit of another. When you pass away, the terms of the trust determine to whom the property will be given.
- Will: A will is the legal expression of your desires as to the disposition of property after your death. Your personal representative will transfer your home to whomever you have designated in your will.
- Intestate Succession: If you have not done anything to transfer your home before your death, the Idaho Uniform Probate Code will designate to whom your home will be given.
- Probate: Probate is the legal process whereby a personal representative is named and your property is gathered and re-distributed under the direction of the courts. Probate only applies to wills and intestate succession.
- Affidavit of Heirship: If you have not used any of the above methods to transfer your home before your death; after three years, your heirs can record an affidavit of heirship, which will transfer the property to them.
These methods have specific rules that must be followed to accomplish the transfer of your home. You may
want to seek the advice of an attorney to help choose the method that will be best for your situation.
The content here is not intended to be legal advice. If you have a specific question, you should consult with an attorney.
Tom Packer is an Elder Care Attorney serving all of Southeast Idaho. As a Life Care Planning law firm, the Elder Care Practice of Tom Packer offers a holistic solution for families struggling with the demands of an elderly loved one’s care.