Understanding Property in an Estate
Understanding property in an estate, its inheritance and probate proceedings
Someone close to me died and owned a house / apartment / property. What do I need to do to take ownership?
Vesting subject to estate obligations...
Understand that it is estate property. Occupancy may require payment of rent. Rents received belong to the estate...
New owners are J&S liable for taxes and other obligations.
Coop beneficiaries can own / sell, but not occupy, unless approved by coop.
Do we have to do a probate proceeding?
Not always.
If there's no will, then the property vests in the heirs automatically.
The most formal way to do this is to do an admin proceeding and have the administrator file a deed.
But this can be done without an administrator, via title insurance.
If the heirs are in agreement about selling the property, that can also be done either through an administration proceeding, or with title insurance, in the same way as noted above.
If there's a will, then there must be a probate proceeding, with very few exceptions.
What if more than one person is inheriting the property?
Consensual sale -- direct the executor/ administrator to sell.
Sale by heirship affidavit
Partition -- forcing sale after taking title
Heirs partition -- a way of dealing with property in lieu of an estate proceeding.