House deed question

[Ukraine Train]

I'm trying to figure out whether I want a "survivorship" or "general warranty" deed for my first house. I bought it at a sheriff's auction a couple months ago and put just my name for the title. I left my fiance off of it with the plan that we'd get the title redone with her name also after she changes her last name to mine. Since then we got married and the sheriff is only now getting ready to transfer the deed. So can I get a survivorship deed with my wife's name even though the title will only have my name? Or should I just get a general warranty deed now, then change the title with both our names, and also change the deed to a survivorship? Or can I get a survivorship deed even though I'm the only name on it? Let's say I have a general warranty deed and I should die, would my wife automatically take possession of the house or would it have to go through probate because we didn't have a survivorship deed? Confusing enough? lol

Thanks!

[vaskidmark]

Most lawyers will answer all your quesions during a 1/2-hour free consultation, at the end of which they will tell you how much they charge to do what you decide you want to do.  They can also discuss with you how to deal with a title in just your name but a deed in two names.  About the only free advice that's worth more than you pay for it.

Is your wife doing a legal change of name via court order, or merely the "now I am going to be known as Honeybunch Ukraine Train 'cause I married him for his property"?  One takes time. money, and some 'splaning to a judge, the other just happens when she takes a copy of the marriage certificate to the DL bureau and asks them to give her a new DL.  (Don't forget to get the credit cards changed, too.  You're going to be paying for them anyway.)

stay safe.

skidmark

[Ukraine Train]

I was hoping not to drag a lawyer into this lol.
My wife's already done a legal name change down at the tall shiny building downtown.

[Hutch]

I'm not real smart about such things, but why bother?  Doesn't she stand to inherit the property should you, as they say, "predecease" her?

[Ukraine Train]

That's what I'm not sure about. I don't know if it just goes to her no matter what's on the deed. I don't want her to have to deal with courts.

[Hawkmoon]

I don't even understand the question. The "deed" is the legal instrument that convey's the "title" in the property to you. I have never heard of them being two separate documents. How can you have one be only in your name and the other in both your name and your wife's?

I think you need to ask that attorney. Something isn't adding up.

[crt360]

Ukraine, I highly suggest you spend a little time discussing your concerns with a local attorney.  Along with estate planning, probate, business and various other civil matters, I handle a lot of real estate work here in Texas, but the laws vary significantly from state to state.  For example, I have never prepared nor do I recall ever seeing a "survivorship deed" in Texas.  I can only guess that it's something similar to a deed with a life estate.  Did you actually get a warranty deed from a sheriff's sale?  Here, converting separate to community property is not as easy just preparing a new deed from yourself to yourself and wife.  I'm sure it's been done plenty, but plenty doesn't mean right.  As for worrying about whether it will have to go through probate, that's another thing you should talk to your attorney about.

I hate to sound self-serving, but if you're buying property and have a family of your own, you really need to have some estate planning done, even if it's just a basic will and power of attorney.  As for probate, unless you set up a trust, or your state has some simpler alternatives (to probate), you generally can't get around it when dealing with real property, and with a properly prepared and executed will it doesn't have to be that bad.  What can be really time consuming and expensive is a court dependent administration (when there is no will), or ignoring the issue until it's the problem of your children or grandchildren.  I deal with the latter frequently - where the grandkid calls up and needs to sell the grandparents home because it's uninhabited, falling down, has various municipal and tax district liens, is facing a demo order and no living person has title - because neither the grandparents nor parents had a will and there was no probate or administration of any of the estates.  Yippee.

[K Frame]

OK.

First off, answering your question is impossible, because you give no indication of what state you're in.

Any answer has a very high liklihood of being wrong based simply on the fact that member A, who resides in the state of Lower Thumbsuck, is subject to a whole different set of real estate rules and laws than you, who reside in the state of Upper South Western Buttscratch.


Second, you're talking about making sure the woman you love enough to have married is provided for in case of your death. You do NOT want to just guess at that kind of thing, you want to get it right, and getting it right involves consulting an attorney to make sure that your bride doesn't get hammered with bills, taxes, etc., after the worm you consume in your tequilla turns out to be a live brain eating parasite.


GET A LAWYER.

[grampster]

You both need to create a will and a trust along with general power of attorney and power of attorney for health care.  Put real property such as house, cars, boats, etc in the trust.  You will be co trustees and you may select trusted relatives to be co trustees as well.  Life insurance: each of you remain primary beneficiary and the trust as the secondary.  Revise if children come.  Revise when children leave the nest.  In other words, the trust becomes the road map to aid the survivor or co trustees when death occurs.

Check with friends and your insurance agent to find a lawyer.  Better to find a guy in solo practice that does not have a huge building and large firm.  Too much overhead means high prices. 

Most trusts and wills are mostly boilerplate that you and the wife alter a bit to fit your particular situation.  It is not rocket science.  Should be able to get that handled for less than a grand if you look around for a lawyer.

[ilbob]

I think you made a bad mistake in buying property without the advice and guidance of an attorney. Its a complicated and messy thing and there are things that are not real obvious that are gotchas along the way.

Get thee to a lawyer and spend a few bucks on actual legal advice and not random Internet musings.

[crt360]

grampster, I know you mean well and are generally shooting in the right direction, but you're giving more legal advice than a lawyer who had already met with him. 

He may or may not need or want a trust.  What kind of trust?  Do they want to be co-trustees?  Do they have any trusted relatives?  Does he want to give a general power of attorney?  BTW, cars, boats, (and frequently) etc., are not real property.

Other than the few facts given, I know nothing about Ukraine or the law of the state he resides in.  Before I do any estate planning work for a person, I usually spend a minimum of an hour and sometimes several hours or more meeting with them to gather information and find out what they want and really need.

It may not be rocket science.  Making a simple will shouldn't be, although I've had some clients who did their best to make it such.  Estate planning can quickly become very complex.  Even one wrong word can completely change the function of your "simple" will.  A trust is even easier to mess up.  Toss in multiple trusts, FLPs, LLCs, family businesses, complex property and tax issues, not to mention family squabbles and unclear law, and you might pray to be doing rocket science.

Less than a grand?  :D  Maybe.  Twenty years ago.  Or, if you want a lot of boilerplate and DIY with little legal advice.

The low end for comprehensive estate planning, including a revocable trust, here in Texas is now two grand or more.  There are some lawyers out there that will undercut the competition to get business, but many of those don't know a trust from a hole in the ground.  You might save a few bucks with them, but you usually aren't getting your money's worth.  Even worse are the companies that hold estate planning seminars, often combined with a free dinner or discount on some estate planning if you purchase an annuity (the kind that matures when you turn 114, and has high early withdrawal penalties).  I've encountered a number of people who got involved with these outfits and paid nothing less than $2500 (probably $3000 or more, now) for a fancy binder full of documents that required them to fill in a bunch of blanks, make choices that they were not advised about, and do all of their own filing and dealing with mortgage, insurance and investment companies, tax authorities, court clerks, etc.  Most of these are worthless because the documents don't get completed and executed properly, things don't get filed, and assets never make it into the trust.  Rarely is an attorney even involved.  I don't recommend the do-it-yourself path, either.  I've seen some pretty bad wills, done by attorneys (supposedly) that didn't really know what they were doing.  Worse, I've had clients bring in their deceased kins' home done wills that were too screwed up to probate.

I agree with grampster about looking for an attorney with low overhead expenses, but that is actually much harder to determine that it sounds.  With your concerns, I suggest finding one that handles a lot of real estate and estate planning, and not just a full-time personal injury lawyer who has a secretary typing up wills on the side.

ilbob, I have many clients that thought they knew everything about buying and selling property who would now agree with you.

[grampster]

crt360 is right.  I was a bit glib.  See, that old saying you get what you pay for on the innertube is really true.

I will stick to my guns, though, on the need for a will and a trust as well as the general poa and poa for health care.  I have seen how all that works in real time with family members.  I've also seen the complications and costs involved with clients of mine who did no estate planning.  If one is just starting out, at least you will be starting out with some estate planning and getting yourself accustomed to appreciate the value of same.
Then all you have to do is amend things as you go along as things change.

[Brad Johnson]

A) Is it cash or financed.

If it's cash then consult an estate attorney and do what workes best overall.

If it's financed you probably won't have any choice.  Your lender will likely require a warranty deed.

Brad

[Matthew Carberry]

In Alaska anyway the process is simple.

If you own it outright you can just quit-claim her into title.  Don't need to have the same name or even be married.  Takes 20 minutes at the title office and the cost of filing the amended title.

As Brad says, if it is financed then you can't change the title without lender consent (as they are in first lien position).  In that case simply refinance or have her qualified and added to your lender's note.

Once you're married, if she's in title and there are no other documents pursuent, she automatically has right of survivorship to the property (again, in Alaska).