With beneficiary deeds and only one name on the deed, does the real estate become community property upon inheritance?
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With beneficiary deeds and only one name on the deed, does the real estate become community property upon inheritance?
If sold does the spouse have to sign off on the deed? If this property is put into a trust instead,with only one person named,would the spouse have claim to part of it and would they have to sign the deed if and when it was sold?
Asked on November 10, 2014 under Real Estate Law, Missouri
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
I am a bit confused as to what exactly you are worried about so I am going to try and help give you information about rights of inheritance and marital property issues. Ok, so inheritance is considered separate property always so long as it is not commingled or "transmuted". That means money is kept in a separate bank account and names are not added to deeds. Now, real property is harder that just adding name to a deed if say it is used as a marital home and the non owner spouse helps to actively increase its value in some way. Then that increase can be marital property. Also, if the property is a rental property and the deed remains separate but the rental proceeds deposited in to a joint account, the proceeds - not the property - are marital. Now, if you do not sopecifically Will the property to some one else besides your spouse and it becomes part of the pot in your separate estate, it will pas via the terms of the Will or your spouse will share in a portion via the intestacy statute. I would strongly suggest speaking with an estate planner. Good luck.
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