Real estate title after spouse’s death
My wife and I financed our condo in joint tenancy, she died in 2021.
I have 4 years on the 15 year loan left
Do I need to have the title redone to my name only
Do I notify the loan company
Terry Says
First thing is you should create a new estate plan for yourself — a revocable living trust.
Watch this video from my site: https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
Then yes, you should re-title the condo in the name of the trust (where you will already have left instructions for after your death, and named a successor trustee). This will have no tax implication, as if it remains your personal residence you can exclude $250,000 of any gains (and her half of the condo will have a cost basis as of the date of her death — so get an appraisal).
Ask an estate planning attorney to handle this for you.
