The death of loved ones is quite a challenging time for each one of us. Despite all the emotional stress one is going through, some legal formalities have to be done soon after the death, such as property transfer. We usually don’t bother about property transfer, which is why one is unaware of how to transfer property after the death of a parent? If your parents are no more and have left some property behind, you need to follow a legal procedure and get it transferred into yours. Although there are no issues if there is a single child, however if you have your siblings too, sometimes the property becomes a major reason for conflict in the family.
Check out how property is transferred after death?
You might be triggered by the question of how is property transferred after death? But, don’t worry! Let’s look at the entire property moving process step by step after the parent’s death. The property transferring process varies in several cases, such as if your parents do not have any will prepared in advance. In that case, you’ll require an affidavit to take the property without probate. Make a note that the transferring process won’t begin until you have the death certificate. There are generally three situations when talking about property transfers, and that is:
- Transmitting your parent’s property out of a trust
- When going through the probate
- Complete an Affidavit
Out of all the three cases, the probate one is the most common. Hence, we’ll discuss it in detail further:
Step 1: Forging a list of heirs
Now, if your parents did not make a will previously, your role being the legal heir is to get the property transferred. If you have another sibling, you can ask them for an affidavit stating that they are not interested in taking the XYZ property or can file for getting the property transferred in joint ownership.
Step 2: Contact banks for an affidavit form
Institutions or banks that have the discretion of their assets contain the affidavit forms. It is advisable to use that form to include all the related and necessary information that any bank or institution would require to transfer the property.
Step 3: Fill the necessary affidavits
To fill an Affidavit, one needs to have all the documents and information related to parent death. After collecting all relevant documents, present them in the court of law and get the affidavit prepared. Make sure correct details of the property in question is mentioned in the form.
Step 4: Ownership documents
The institution will also ask for proof that claims your parents were holding the property along with the death certification. Hence before beginning with the transferring process, get hold of the ownership document.
Step 5: Submitting the affidavits to the required authority
Specifically for a titled property like cars, boats, etc., you need to submit it to the local title office so that the title can be easily transferred to your name. Moreover, you have to submit the affidavits with another document to the institution that’s holding that particular account for the banking and investment accounts.
One of the most commonly asked questions about property transfer is, When the parents’ dies, who gets the house? Well, transferring the property and assets to your name isn’t a massive task once you know all the legal formalities and have knowledge about each type of document that needs to be submitted. By following the steps above, you shall get an insight into the procedure and will be able to complete property transfers seamlessly without much issue.