About ''Interspousal Transfer Deed''?

Question

For example: The wife signed an interspousal transfer deed when his husband and her mother-inlaw refinanced their house.The property was named between the husband and the mother-inlaw.If accidentally, her mother-inlaw died and after a few years,her husband died, too.What will happen to the property!?In case the couple don't have a child!?and If the couple have a child!?
Can someone explain it to me? Thanks in advance.

Answer 1

There are several things that might happen. Usually property has insurance on it. This insurance would normally name the person who the property would go to. If the left a wil or a trust, these would provide guidance on how to dispose of the property. If none of thse things are in place the estate will go through probate and the court will decide.

Answer 2

My suggestion would be to do a Grant Deed to place the wife back on title. If it is a community property state, the wife is automatically entitled to the property if her husband passes away. You may run into the issue of the mother-in-law taking full ownership of the property if something happens to the husband. For example, the current deed would read - Husband's name, a married man and Mother In Law's name, a her vesting (married, unmarried, widowed) as joint tenants. The Grant Deed would change the vesting to Husband's name and Wife's name, husband and wife, and Mother In Law's name, vesting, all as joint tenants. This answer may not be entirely correct because I am unclear as to why mother in law is on title and wife is not.

Answer 3

Semantics. If they died with a will the property goes to the named heir. If they died without a will it has to be probated and if a community property state (10 of them) then the spouse has a claim, even though the deed was issued.
To avoid that, the spouse has to do not only a deed but also a sole and separate property agreement.