The goal for a Texan who is creating an estate plan is to ensure that the assets go to the heirs that he or she wants to get them and to maintain as much of its value as possible. This can be confusing to some, especially those who might have real estate but not a significant amount of it to know all the methods to maintain maximum benefit after asset distribution.
Understanding how to clear a title from real property is one of the fundamental aspects of transferring it. There are certain steps that must be taken to do this correctly. To clear a title from real property, the decedent’s name must be removed from the deed and transferred to the new owner. There are strategies to do this rapidly and in an efficient manner. It depends on the circumstances as to how this should be done.
Some properties have more than one owner. If there were joint owners, then there must be an affidavit of survivorship. Once this has been executed, it will then pass to the other owner. It is possible that there was survivorship with the property and this will dictate who owns it. After the person has died, it will then be passed to the survivors. When the decedent owned the property singularly, there must be a new deed with the new owner. It will be a person who was named in the estate plan to inherit it or, if there was no will, it will be decided upon by the state.
Some estates are not vast and its value is limited. If that is the case, it could be possible to take the decedent’s name from the title via small estate affidavit. This is a way to avoid probate entirely. For some, their only asset was real estate. A muniment of title can be used in such a situation. This is only used in Texas and a court order will transfer the title to those who are receiving the assets. When handling an estate that requires the transfer of real estate titles, it is imperative to have legal assistance from a law firm that is experienced in all aspects of estate planning and probate. Contacting a qualified lawyer can achieve all the desired ends in a case.