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"Extra" inspections have nothing to do with sale of a trust house. Unless your county has different rules than Los Angeles county, which I doubt.
I put my Mom's house on the market in March, told the realtor it was "As Is" - no repairs unless required by law. This was a house built in 1929 - and we didn't get one request to repair anything. When it sold in June, the money was wired straight into the trust checking account. I then wrote the checks to myself and my brother.
Same with insurance policies, banks, etc. Just sent them proof of passing, filled out a few forms, and they wired the money straight to the trust checking account.
I never had to go to a county office to transfer anything. I had to go to the brokerage office a few times.
Thanks for that info. I've learned i do need to pay a $20 fee for not notifying the City of the death of my husbands uncle so they can transfer? the property into the trust for me, even though it is automatically transfered I hear. For some reason, my Real Estate Agent is avoiding my question of whether the City Inspect is actually required or if we can put it into a contingency that the buyer will handle it.
We got a cash offer, and so far, the informal emails from the buyers realator says his client shouldn't have a problem handing the inspection, as we've did just half of the repairs.
OK, let me tell you a story. A true story that happened to me.
H and I were married for 38 years. No children. I retired and moved to Las Vegas to remodel our house. H was supposed to continue working till the remodel was finished while selling our old house. Things didn't work out, the economy went south and he was laid off. So he moved to Texas to work there. The bank we had used for years wasn't in Texas so he had to get new accounts.
He hadn't been in Texas all that long when he dropped dead. No illness, just went to bed and woke up dead. The coroner came to my door one evening to notify me of his death. He was only 61 and had never given a thought to estate planning. It was on our radar. Something we were planning on taking care of 'later'.
H was a legal resident of Texas and he died without a will and no children. That meant I could only get 1/2 of his estate and the other half had to go to his closest living relative. His closest living relative was a half brother. A felon and a complete waste of a human being who spent most of his life cheating and stealing from people, including my H. In short, he was the last person on the face of the Earth H and I would have wanted to get our money. Money we had both worked for. I'm pretty sure H would have burned the money himself before letting that half-brother walk away with it.
I am thankful we were listed as joint tenants on the house or I would have lost half of that too! All told, his dying without a will cost me about 70K plus half of some royalties that generated a monthly income we had planned on for retirement. It was a bitter pill to swallow and left me very short of money.
For smart people we did some really dumb things. Don't repeat our mistakes!
Definitely need a will. It's amazing how family turns into sharks when money and/or possessions are up for grabs upon someone's death. Watched it when my grandparents passed and then watched my sister turn into a shark when our father died. Get a will and choose carefully on the executor of said will.
Excellent point, that is truly amazing how often this comes into play. So sad
OK, let me tell you a story. A true story that happened to me.
H and I were married for 38 years. No children. I retired and moved to Las Vegas to remodel our house. H was supposed to continue working till the remodel was finished while selling our old house. Things didn't work out, the economy went south and he was laid off. So he moved to Texas to work there. The bank we had used for years wasn't in Texas so he had to get new accounts.
He hadn't been in Texas all that long when he dropped dead. No illness, just went to bed and woke up dead. The coroner came to my door one evening to notify me of his death. He was only 61 and had never given a thought to estate planning. It was on our radar. Something we were planning on taking care of 'later'.
H was a legal resident of Texas and he died without a will and no children. That meant I could only get 1/2 of his estate and the other half had to go to his closest living relative. His closest living relative was a half brother. A felon and a complete waste of a human being who spent most of his life cheating and stealing from people, including my H. In short, he was the last person on the face of the Earth H and I would have wanted to get our money. Money we had both worked for. I'm pretty sure H would have burned the money himself before letting that half-brother walk away with it.
I am thankful we were listed as joint tenants on the house or I would have lost half of that too! All told, his dying without a will cost me about 70K plus half of some royalties that generated a monthly income we had planned on for retirement. It was a bitter pill to swallow and left me very short of money.
For smart people we did some really dumb things. Don't repeat our mistakes!
Thanks so much, that is an awful story. So sorry for you. Those laws in Texas are not right. I cannot image how his living spouse couldn't collect on 100% of it, as you are his closest living relative. But I suppose it has to do with him being a blood relative getting half along with the spouse. that is weird. I wonder how many States screw over the spouses like that, the dead persons "other half"
Thanks so much, that is an awful story. So sorry for you. Those laws in Texas are not right. I cannot image how his living spouse couldn't collect on 100% of it, as you are his closest living relative. But I suppose it has to do with him being a blood relative getting half along with the spouse. that is weird. I wonder how many States screw over the spouses like that, the dead persons "other half"
I can answer that question. Most of them do that very same thing. The widow can only get half.
have a will if you're 50 and older...have it clearly stated with a lawyer within the jurisdiction. If you're younger and healthy, not big a deal. that's my take. It does cost some lawyer fee and also maintaining the will up to date with all the assets and financial info accurately stated.
Also, check all your accounts and put the two childrens names on them as beneficiaries if that's who you want to have the money. This can make it easier/cheaper to settle your estate and possibly bypass probate.
Also, check all your accounts and put the two childrens names on them as beneficiaries if that's who you want to have the money. This can make it easier/cheaper to settle your estate and possibly bypass probate.
Excellent! I forgot that is what my husband's uncle did and it made things so much easier. They got that money immediately
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