Death and Real Estate
Death is considered a taboo topic by many people. Unfortunately, it’s a reality that we all can’t run away from. When it comes to death and property, it is advisable to plan early. This prevents confusion when a property owner dies. Laws regarding death and property ownership in Nevada vary by county. Clark County, Nevada, has the following guidelines regarding death and real estate.
If a property’s title is held in joint tenancy with survivorship rights and a vested owner dies, the remaining owners must record an affidavit. A copy of the death certificate should be attached to the affidavit. This will terminate the joint tenancy. If the title isn’t held in joint tenancy with survivorship rights, you should obtain a court order that authorizes the refinance or the sale of the property.
Tenants in Common
If tenants hold the title of a property in common and a vested owner dies, a court order authorizing its sale or refinance is required. In such cases, the ownership of the property does not automatically pass to other owners. It can pass to other parties listed on the will of the deceased. If there isn’t a will, you must obtain probate.
In case a property owner gives a beneficiary deed, you will have to obtain a Death of Guarantor Affidavit. A copy of the death certificate should accompany it.
Living or Family Trust
If an owner holds a property’s title in a living or family trust and one of the trustees dies, the trust should get reviewed. This will help determine parties to whom the interest goes. In case the title transfers to other trustees, you must obtain a certificate of incumbency. A copy of the death certificate should accompany it.