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RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 37044
Experience:  Texas lawyer for 30 years in Estate law
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My name is ***** *****. I am assisting my husband in the

Customer Question

Customer: Hi, my name is ***** ***** Wilson. I am assisting my husband in the handling of the estate of his deceased father. He has been assigned as the executor and has letters of testamentary. We are filing the necessary 3 month documents and I have some questions.
JA: Thanks. Can you give me any more details about your issue?
Customer: Yes. In regards ***** ***** AOC-E-507 form. He only had a checking account by himself, but he had a house and not married. We plan on keeping the home for ourselves and his brothers are planning to sign it over to us as a gift. Where do I record this on this form?
JA: OK got it. Last thing — Estate Lawyers generally expect a deposit of about $18 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 10 months ago.
Category: Estate Law
Customer: replied 10 months ago.
My father-in-law had a house that now belongs to his 3 sons, 1 being my husband. My husband and I plan on keeping the home and the other brothers said they would consent to us doing so for no money exchange. Can they sale their half to us for a low money amount or should they just gift it to us? I understand they will be responsible for notarized paperwork for gifting the property to my husband.Another property he owned, belongs to him and his brother, my husband's uncle. The property is willed to the Life Estate of his mother, who is still living and in a nursing home. The property is being rented currently and those funds are being used for the fees at the nursing home for her care. My husband and his brothers would like to will this property over the their uncle, in order to see that it still is available for the care of their grandmother. Is it best that they gift it to him? Disclaim it as theirs? Or sale it to him for a very low amount?n regards ***** ***** properties above, I do not know how to record them properly on the AOC-E-505 form. Please advise on the above properties with the best scenarios and let me know how to record them on the form accordingly. Thank you and we will await your response. Thank you. Please email me***@******.*** or text me at(###) ###-#### Thanks again. ***** *****, in Burlington, NC
Expert:  RayAnswers replied 10 months ago.

Hi and welcome to JA. Ray here to help you today.

Here you already filed a list all the assets on the forms, this is an inventory of what was in the estate. If they returned this to you and something was missing, then this is what is lacking.

Form you reference.

This is the Inventory you file listing everything.

http://nccourts.org/Forms/Documents/417.pdf

If they returned your inventory telling you something was missing it would be on this form that you referenced..

Anybody disclaiming their share signs this form and you file it in the probate case..

STATE OF _____________________)

___________ JUDICIAL DISTRICT : ss.

or COUNTY OF _________________)

AFFIDAVIT OF DISCLAIMER OF INTEREST BY HEIR

I, ________________________________, swear upon my oath or affirm under

(print full legal name)

penalty of perjury, that to the best of my knowledge, information and belief:

1. _________________________ (“Decedent”) died on ___________________,

as shown by the attached certified copy of the Decedent’s Death Certificate.

2. I am the legal heir and/or have been named as beneficiary of the estate of the decedent.

3. I am the ______ (relationship to Decedent)

and may have a present or prospective interest in estate of the decedent.

4. I hereby disclaim any and all interest in the estate of the decedent

I agree to defend, indemnify and hold all other heirs and/or beneficiaries harmless from any claims, demands, fees or expenses that result in any way from their reliance upon this Affidavit.

DATED at _________________________, on this ____ day of ___________, 20___.

(city, state)

AFFIANT:

Signature:______________________________________________

(sign full legal name in presence of notary public)

Name (please print):_______________________________

Address:_______________________________________

_______________________________________

Telephone No.:_________________________________

SUBSCRIBED AND SWORN TO OR AFFIRMED UPON PENALTY OF PERJURY before me, this _____ day of _________________, 20___.

______________________________________

Notary Public in and for _____________

My Commission Expires:________________

Finally the executor here completes a fiduciary deed.It is from your husband the executor as grantor to your husband or your husband and you as grantees.This is filed in the deed records.I would also record a death certificate, letters of declination and letters testamentary he was given in probate so title company has all of that in one set of documents.

The deed here is not filed in the probate file, the rest is filed in the probate court as well.The deed and other documents I reference above --the death certificate, letters testamentary, and disclaimers here are recorded in the county deed records.This shows you have clear title, the executor , duly appointed transferred tittle, and the others disclaimed interest in the estate.

The court here approves the inventory.

http://www.nccourts.org/forms/Documents/419.pdf

Expert:  RayAnswers replied 10 months ago.

Mary if the others are just gifting you the house and not their entire share then you use quitclaims here in lieu of disclaimers.They cannot partially disclaim.

Substitute the quit claim for the disclaimer.Then they get their share other than the house here.

Expert:  RayAnswers replied 10 months ago.

So to lsummarize,

File Inventory.

If there are problems they would send you back the form you referenced I gave you above.

You have then a fiduciary deed from husband, letters testamentary, death certificate of deceased, quit claims deeds from other heirs here --unless they are waiving all their rights to their full share then disclaimer instead of quitclaim.Record all of this at one time in deed records.It makes it easy for title company to research when you want to sell or transfer it someday down the road.

Let me know if that clears this up for you.

Expert:  RayAnswers replied 10 months ago.

Mary the heirs need to report gifts over $14k in value as informational on their returns, no taxes here since the lifetime exclusion is $5,450,000.

Reference to that.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Whats-New-Estate-and-Gift-Tax

I know that this is a lot to throw at you, let me know if you have more follow up.Thanks again for the chance to help today.

Expert:  RayAnswers replied 10 months ago.

Another property he owned, belongs to him and his brother, my husband's uncle. The property is willed to the Life Estate of his mother, who is still living and in a nursing home. The property is being rented currently and those funds are being used for the fees at the nursing home for her care. My husband and his brothers would like to will this property over the their uncle, in order to see that it still is available for the care of their grandmother. Is it best that they gift it to him? Disclaim it as theirs? Or sale it to him for a very low amount?

A separate quitclaim would do here to transfer their interest sign it and record it.

Expert:  RayAnswers replied 10 months ago.

If you can leave a positive rating it is always much appreciated.Thanks again.

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