my friend think after her parents go she can easily sell the house. That her parents don't have a will.?
- Alan HLv 711 months ago
If she is an only child, she is right.
- PatriciaLv 711 months ago
If her parents don't have a Will, then the Estate will have to go through probate. The closest next of kin will get the Estate... so she would get that, and if she has any siblings she'd have to split it with them.
A Will states exactly what is to be inherited.
And she might be able to sell the house easily. But if it's not up to modern standards, she may not get what she wants for it. An appraiser can tell a person what their home is worth
- 11 months ago
Does she expect her parents to die at the same time??! She is remiss in assuming that both her parents will pass before her....If her name is not on the home's deed held in a joint tenancy, then she has to be named in a living trust, with the right of survivorship regarding the home, then the first parent to pass has to file with the county recorder, to have the deceased one's name removed....
If she is legally in possession of the home with her name on the title, either through joint tenancy or a living trust naming her as being on the deed, she still has many steps to follow before she becomes owner. She has to pay and file with the county recorder, providing info on the last deceased parent...etc...pay off any liens, debts...then the hassle of finding a realtor, listing the home, paying fees for all types of inspections....not that easy as she thinks.
- FoofaLv 711 months ago
If she's their only child she'd be the legal next of kin and the house would eventually go to her (after going through probate, which can be expensive). This house should be put into a trust for her if that's her parents' intention so they can spare her the bureaucracy of having them die intestate (without wills). It's grossly irresponsible to own a house and have children and not at least have a will.
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- Anonymous11 months ago
Thank you for sharing this with us - over and over and over. She can't sell what she doesn't own. It's that simple. Your "friend" appears to have some mental health issues which MIGHT preclude her from selling if she DID own the home.
- EvaLv 511 months ago
Not as easily as if they had a will. She would have to go through the process of being named administrator, unless she is already listed as an owner with rights of survivorship on the deed.
- oldprofLv 711 months ago
Has she asked her parents? If there is no will, she is vulnerable to probate action and she might not end up with the house she seems to want.
A will is a minimum protection of legacy assets. A better one is a living trust. It's better from a number of perspectives, but the most compelling one is that there is typically no estate tax or inheritance tax when there is a trust.
- No BozosLv 711 months ago
If she isn't named in a will, she will have no say in the selling of the house. If she's in a will, there may be stipulations to the disbursement of the property depending on others that might be on the will, or a specific clause itself. However, even if there is NO WILL and she is the only living relative, the state will put the property in probate and try to take it from her.'
Inheritance can be a tricky matter.
- 11 months ago
That'd depend a lot on what country she is in, the local inheritance laws, and the number of relatives she has.
In some places, she'd easily get title, in others she'd have to split decisions with six cousins and a nephew.
- naughtydogg70Lv 711 months ago
Thanks for letting us know.