Is Estate Transferred to Your Spouse After You Die? 

Throughout our life, we work hard to acquire money and land. From buying houses to increasing properties, one tries to achieve it all. However, inheritance is also a crucial matter. One can’t die without understanding who will inherit all their property afterward. After all, you worked hard for your property. 

So, it’s necessary to ask oneself who will inherit all your hard-earned wealth. Most of the time, kids, spouses, and relatives get all your assets. However, there could be other people claiming ownership of your estate.

Some people think their spouse will receive all their property, but that might not be true. In fact, individuals who leave no Will, create trouble for their families. So, if you are unsure of the next owner of your entire estate, these points could help bring clarity.

Who Deals with the Property Matters after an Individual’s Death?

After the death of an individual, an important matter is to deal with their property. A deceased individual leaves behind cash, assets, and several other things, and all of these are transferred. However, who gets what depends on the deceased’s decision.

You could gift it all to charity or a relative, the choice is yours. Either way, your estate should go to the right person, and for that, there are people assigned.

The responsibility either falls on an Executor or an administrator. Executors handle the decision when there is a Will but administrators are responsible for deciding when the deceased leaves behind no Will. Both personals have a significant role because they handle the entire estate administration and distribution process after a person’s death.

Apart from managing the estate, these professionals also handle the taxation, selling, and transfer of deceased properties. You could consult some of these professionals to develop an understanding of succession matters.

Still, you could contact experienced attorneys if you feel confused about property matters. Anyone dealing with legal matters should have professional probate attorneys for the best possible guidance.

How Does a Will Make a Difference?

Now that one is clear on who handles property matters, it is necessary to understand that a person’s Will makes a huge difference. If someone dies without a Will, their loved ones will have to go through lengthy procedures of property transfers.

Furthermore, there is a high probability that the matter might reach the local court, where a judge decides based on the state’s succession laws. So, things become complicated, and other relatives might claim a share in your property. If that happens, your spouse might not get everything.

Thus, a Will is at times crucial. Especially, if you want your estate to pass onto your spouse. Once, you pass away, your Will is handled by an executor who manages the transfer process and other legalities.

Types of Property Ownership

You might be unaware, but property owners can be of many types. You have sole ownership of a property and joint tenants. The difference in ownership type also helps decide, which person gets what amount of share in someone’s property.

For example, homeowners can transfer their house to friends or family. However, in case, your home is in two people’s names, the other person inherits it upon your death. When one partner dies, the other person automatically gets the entire property. The same rules apply everywhere.

All your estate is transferred to your spouse after your demise if both of you were co-owners. However, without joint ownership, the scenario changes. Some people make their spouse a co-owner to let them inherit everything.

Since sole owners have every right to transfer their estate to their kids, spouse, parents, or a person they like, there won’t be any disputes. 

What Happens to Mortgaged Property?

At times, a person may pass away leaving behind the mortgaged property. In such conditions, the successors who get the property from the deceased might have to clear the remaining instalments.

The bank or mortgagee might even require the property to be re-financed if the successor wasn’t on the title of the property from the start.

You can also auction or sell your inheritance, given you follow some rules. For example, people inhering a piece of property can’t sell it without being granted probate. You can only accept an offer and exchange a contract once you get the official probate.

Transfer of Estate After Your Death

Understanding the transfer process is as important as deciding on a successor for an estate. Your Will is one way but not the only one. There are other transfer methods. A person has the option to transfer their estate through a Will, a trust, and beneficiary designations.

You could secure your spouse by opting for joint ownership. That way, upon your death, the house is automatically transferred to the co-owner, which is your spouse. In addition, there are beneficiary deeds that help pass estates to a person without going to court.