General Area in 19139>Question Details

Tbunn, Home Owner in 97062

If I am the executor to my moms estate and I have 2 siblings, can I have a title agency put the title in all three of our names?

Asked by Tbunn, 97062 Tue Aug 7, 2012

Help the community by answering this question:

Answers

8
Philip J. Cunningham Sr.’s answer
The question is what does the will say you should contact a professional who handles Estates. once you decide who theowner or owners are and what you want to do then please call me.

Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152 215-725-5700 X49
PhilCunningham2004@yahoo.com
Web Reference: http://WWW.GreatPaRe.com
0 votes Thank Flag Link Tue Aug 7, 2012
Is your mother still living, or has she already passed?

If she is still living and you have been named executor to serve upon her future passing, you could trigger potential negative tax liability on you and your siblings by deeding the property into your names before her passing. While she is still alive, it would be considered a gift and subject to IRS gift tax exclusion regulations. Additionally, heirs would forfeit the step-up in property tax basis if property is gifted prior to your mother's death.

Another question to ask yourself... do you really want to own real estate with your siblings??? As Dave Ramsey says... "Thanksgiving and Christmas dinners will never taste the same" after linking family members' finances.

As others have mentioned, you really need a competent estate planning attorney. This is not a situation to do it by yourself to save a few bucks!
0 votes Thank Flag Link Mon Nov 26, 2012
"professionals in real estate do not need NON professionals trying to give advise." Please, people ask for advice all the time and if my experiences can help them save money then I will give it I did not misrepresent myself or my opinions, and while my reply evidently lacked some proper "real estate lingo", it did not make them entirely wrong, nor does the fact that, although my college money did not go to garnering me a piece of paper from the real estate profession, does it mean I am uneducated or unable to offer advice when someone posts a question.
I do not apprecaite the implication that my initial reply was incorrect, which is why I replied back, and while you might not appreciate non-professionals offering advice, I suspect the only issue you have with that is the potential profit it takes out of your pockets.
When a person asks a question I suspect it does not help much when the only response they get is from professionals providing their phone numbers as if that person did not know how to dial a phone or think to call an estate professional before you all intervened.
Maybe you need to take that chill pill and stop attacking people who are answering a post that was not even yours to begin with.
0 votes Thank Flag Link Mon Nov 26, 2012
Michelle take a chill pill I didn't say you were wrong but people are asking for advise at lease use the correct terms and if you want to give advice at lease spend the money and go to school and learn the correct terms it cost money to do this and those of us that choose to be professionals in real estate do not need NON professionals trying to give advise.

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700X49
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Mon Nov 26, 2012
Just to be clear I did advise to check the laws in individual states but I ASSURE you the info I provide is CORRECT as per the attorney we consulted!
0 votes Thank Flag Link Mon Nov 26, 2012
There are several forms of taking title to a property the best way to decide is speak with an attorney as Anna said but this has to be decided before any one takes title YOU NEED an Attorney that does Estates and Real Estate Law both before working with an Attorney ask hm How many estates and real estate cases he has done in the State where the Property is. don't accept the answer "I’ve been an Attorney for XX years." That’s not the answer to your question you want a number. And the advise about taking title with right of survivor ship is very strong. Any questions please feel free to call me at my office 215-725-5700 X49.

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700X49
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Mon Nov 26, 2012
For accurate information consult with an attorney....
0 votes Thank Flag Link Mon Nov 26, 2012
If the will has no exceptions to this I think you can have any real estate broker or title agent put all three names on the title, One thing we did, (I have 8 siblings), is put "with right of successorship" On the deed so that when one person dies the house automatically goes into ownership of the remaining living names on the deed, this eliminates that persons survivors from laying claim. We all agreed on this and was a wise choice, doing this before my parents pass away will eliminate the house from going into the estate, estate taxes, etc, as we were already owners. You can check with an estate lawyer maybe rules are different state to state?
0 votes Thank Flag Link Sun Nov 25, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer