Posted on: 30th Sep, 2007 06:44 pm
My mother has a irrevocable trust. She has three children and two homes
one house is in DC and is paid in full and the other is in MD and has as a
mortgage on it. In her trust this is the wording.
ALL MY REAL PROPERTY
Shall be conveyed within one year of my death in equal shares to my three children ( all three childrens names written in ) as tenants in common:
I would like to know the meaning of this Statement and will we have to go to probate and pay taxes for my mothers property. If this is so what can we
do so that we don't have to go to probate,and pay fees, taxes, lawyers and court costs.
Thanks
Dee
one house is in DC and is paid in full and the other is in MD and has as a
mortgage on it. In her trust this is the wording.
ALL MY REAL PROPERTY
Shall be conveyed within one year of my death in equal shares to my three children ( all three childrens names written in ) as tenants in common:
I would like to know the meaning of this Statement and will we have to go to probate and pay taxes for my mothers property. If this is so what can we
do so that we don't have to go to probate,and pay fees, taxes, lawyers and court costs.
Thanks
Dee
Hi Dee,
After your mother passes away, the property will be distributed equally to the three of you on the basis of tenancy in common. For this I think you don’t have to go for probate.
After your mother passes away, the property will be distributed equally to the three of you on the basis of tenancy in common. For this I think you don’t have to go for probate.
Talk to your attourney
