Tejpaul Wirk from Mullin Demeo came and talked to us regarding Probate.
Selling prior to probate
It is highly recommended that a property not be marketed until probate has cleared. Selling prior to probate can cause collateral issues on all ends.
Avoiding probate fees:
A question came up regarding estate tax and probate. A property owner may consider putting their children’s names on title in order to save the probate fee (currently 1.4%). Tej said this can open a number of issues including exposure to Capital Gains Tax, and credit issues caused by debts incurred by a child. In most cases it is safer to leave the title as is. It is always prudent to talk to your lawyer and financial planner regarding estate issues.