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I am a widow and own my home. Should I have my deed in my name

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payable on death to my...
I am a widow and own my home. Should I have my deed in my name payable on death to my four children or have it i n my name only in order to avoid Probate Court?
Submitted: 5 years ago.Category: Tax
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Answered in 5 minutes by:
5/1/2012
Tax Professional: Lev, Tax Advisor replied 5 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,722
Experience: Taxes, Immigration, Labor Relations
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Hi and welcome to Just Answer!

 

If the property will be in your name - it will be probated - and will be passed to beneficiaries according to your Will.

You may not mark it as POD - because that is not a bank account.

If you want to avoid probate - the property should be placed into the Trust (which you will create) or you may transfer the property to your heirs and retain the life estate provision.

LEV41030.7621718403
LEV :

If the property will be in your name - it will be probated - and will be passed to beneficiaries according to your Will.


You may not mark it as POD - because that is not a bank account.


If you want to avoid probate - the property should be placed into the Trust (which you will create) or you may transfer the property to your heirs and retain the life estate provision.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,722
Experience: Taxes, Immigration, Labor Relations
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