How do we transfer the home willed to four children to just one of the children?

03/06/2009 - Category:Wills and Estates - Probate - State: CO #15469

Full Question:

On my parents will, both of them now deceased, they left the house to the 4 children. I am living there. I am one of the children that took care of my mom before she died. Per each of the other siblings, I am going to stay in the house. I have been paying all the bills. How do or can we put the house in my name?

Answer:

I am unable to determine from your question whether the estate has already been probated. If the property has not been probated, it is possible for others heirs to disclaim their interests in the property and have an executor transfer property to a remaining heir by way of a ficuciary deed. If siblings have already been name on a deed, a new deed may be prepared by the current owners transferring the property into one owner's name only.

When a person dies, their assets are distributed in the probate process. If a person dies with a will, an executor is named to handle the distribution of the estate. If the person dies without a will, the court appoints an administrator to distribute the decedent's assets according to the state's laws of intestacy. In cases where the decedent didn't own property valued at more than a certain amount, which varies by state, the estate may go through a small estate administration process, rather than the formal probate process. To dispose of the real property interests of the decedent, the executor or administrator executes an executor's deed or fiduciary deed.

Joint tenancy is a form of ownership by two or more individuals together that differs from other types of co-ownership in that the surviving joint tenant immediately becomes the owner of the whole property upon the death of the other joint tenant. State law, which varies by state, controls the creation of a joint tenancy in real property. Joint tenancy property passes outside of probate; however, it may be severed so that the property becomes part of one person's estate and passes to that person's heirs. Each joint tenant has an equal, undivided interest in the whole property, and may enter onto, take possession of the whole, occupy, and use every portion of the common property at all times and in all circumstances. All joint tenants, and their spouses, must sign deeds and contracts to transfer or sell real estate.

In the case of a life tenant who holds a life estate, when the life tenant dies, their interest may pass to the remaindermen. Title may also return to the person giving or deeding the property or to his/her surviving children or descendants upon the death of the life tenant--this is called "reversion."

A partition action is a court action to divide property. An action for partition usually arises when a property is jointly owned and there is a dispute as to how to divide property, or in a dispute as to whether property should be sold. One co-owner of real property can file to get a court order requiring the sale of the property and division of the profits, or division of the land between the co-owners, which is often a practical impossibility. Normally, a partition order provides for an appraisal of the total property, which sets the price for one of the parties to buy out the other's half. The partition statutes govern actions for partition of real property, but the partition statutes do not apply to property divisions under the Family Law Act or in other types of cases specifically governed by other statutes. A partition action may be initiated and maintained by any of a co-owner of personal property; an owner of an estate of inheritance, an estate for life, or an estate for years in real property where such property or estate therein is owned by several persons concurrently or in successive estates. Generally, a partition action may be maintained only by a person having the interest in the property, however, an equitable interest, is sufficient to support a partition action. A 'partition in kind' refers to land partitioned conveniently and equitably between or among the owners. Alternatively, it must be sold as a single parcel and the proceeds divided among the owners. If two or more people who own a property as tenants in common or if people who are not married to each other own a property as joint tenants with right of survivorship develop a dispute concerning the property, any owner may bring a partition action with the court to get the property divided between owners. While the lawsuit is pending, all owners will have equal access to and interest in the property. This arrangement applies regardless of whether the mortgage is in one owner's name or the name of all owners.



Please see the information at the following links:

http://definitions.uslegal.com/l/letters-testamentary/
http://definitions.uslegal.com/p/probate/
http://lawdigest.uslegal.com/estate-planning/probate-and-executors/7239/
http://definitions.uslegal.com/e/executors-and-administrators/
http://definitions.uslegal.com/f/fiduciary-deed/
http://definitions.uslegal.com/i/intestate/
http://definitions.uslegal.com/e/executors-and-administrators/
http://definitions.uslegal.com/s/small-estates/
http://definitions.uslegal.com/j/joint-tenancy/
http://definitions.uslegal.com/p/partition/
http://lawdigest.uslegal.com/wills-and-estates/disclaimer-of-property-interest/780/

Please see the forms at the following links:

http://www.uslegalforms.com/deedforms/colorado-deed-forms.htm
http://www.uslegalforms.com/co/CO-SDEED-6.htm

03/06/2009 - Category: Probate - State: CO #15469

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