| Sometimes the best advice is to do nothing…which was the point.
CLIENT QUESTION:
Hi! You had prepared a revocable trust for my husband and I a few years ago. My husband has recently passed away. Do I need to have his name removed from the deed to our home? The trust states that our home will pass to our two children upon our death. Is there anything I need to do in regard to ensuring our children do not have any problems?
MY RESPONSE:
First, my condolences on the loss of your husband. There is a legal term for it in the law…that SUCKS! Big hug!
Secondly, the very reason you did a joint revocable trust was to make things as easy as possible upon death. It is not right for everyone, especially when you have a taxable estate, but it works just fine and is very popular. With such a joint revocable trust, you were both the trustees, in full control of everything together. At your husband’s death, you automatically become the sole trustee in full control of all assets within the trust, including the house. The house just remains deeded in the name of the trust, as do all other trust assets. The only thing you may have to do at this time is inform all banks and brokerages where trust assets are held and let them know that your husband’s signature and social security number are no longer necessary. They may want to see the trust again and your husband’s death certificate.
At your death, your children will have no problems.
I hope this helps! Pass this information on to your family and friends.
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As always, please send me your questions. If you are thinking about it, others are probably too, so my answers will no doubt help you and many others.
Let’s stay connected.
Stay safe! |
