Ask Terry Questions Real estate title after spouse’s death

Real estate title after spouse’s death

By Terry Savage on July 03, 2023 | Financial Planning / Retirement

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:

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.

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