does the surviving spouse receive title and if so, would the taxes be re-assessed??? THANKS everyone!
2007-07-02 08:02:23 · 9 answers · asked by ac 2 in Business & Finance ➔ Renting & Real Estate
It really depends on the docs surrounding everything. Was there a quit claim deed? Why did only one spouse appear? Were they living together? Did one buy the property prior to marriage? What does the will say.
I will star the q to see if you include more info.
2007-07-02 08:06:07 · answer #1 · answered by halestrm 6 · 0⤊ 0⤋
State law dictates how ownership is passed from spouse to spouse. Generally - regarding your primary residence - the remaing spouse will gain all of the deceased spouse's interest in the property. I am not certain about investment or other properties. There would be no reassessment of taxes as ownership has nothing to do with the taxation value of the property.
The best thing to do is have a will made up. Courts will seek that document out first if there is an ownership dispute.
2007-07-02 15:07:43 · answer #2 · answered by thinking-guru 4 · 0⤊ 1⤋
most often some couples dont put the spouse on the loan because of their credit. In the spouse is to pass they still give the home to the remaining spouse. As long as you share a bank account to show that you have invested interest in the property..
2007-07-02 15:13:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
That would depend upon state law and whether or not the deceased spouse had left a will.
Since this would involve a transfer of ownership, many jurisdictions will re-assess the value of the property.
Consult with a local attorney for advice specific to your location and situation.
2007-07-02 15:10:02 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 1⤋
I would imagine that the surviving spouse gets the title unless the deceased spouse had a will saying otherwise. I don't know about taxes so can't answer that.
2007-07-02 15:05:36 · answer #5 · answered by coley0204 2 · 0⤊ 0⤋
The property must go through probate,
(It will most likely go to the other spouse by state law if there was not a will via probate)
2007-07-03 15:17:34 · answer #6 · answered by greeneyedblond31558 3 · 0⤊ 0⤋
It depends on state law.
It depends on if it is your homestead or investment property.
It depends on if there is a will or not.
It depends a lot more things.
I would get a will now!
2007-07-02 15:12:08 · answer #7 · answered by glenn 7 · 0⤊ 1⤋
thats why ur supposed to put both names in...
2007-07-02 15:06:05 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I WOULD TALK TO A LAWYER ASAP!
GO TO ONE IN A SMALL OFFICE.
DO IT NOW!
2007-07-02 15:08:55 · answer #9 · answered by charlotte q 2 · 0⤊ 1⤋