15 Jul My wife died. Do I need to change my home’s deed?

Q. My wife passed away in 2020. Both our names are on our property deed as husband and wife. I’m considering having an attorney prepare a revocable trust for me and put the property in it to obviate the need for probate when I pass. Do I need to amend the deed to reflect only my name before placing it in the trust?
— Homeowner

A. We’re sorry to hear about your wife.

But we’re glad you’re thinking about your estate plan.

Before we answer your question, we want you to take this seriously. Before you make any changes to an estate plan, including any kind of trust, make sure you discuss all your goals for your estate with a qualified attorney.

We don’t want you to think we’re approving of your idea of putting the home in a trust or not. That’s a question that can’t be answered without reviewing all of your assets, your beneficiaries, your current estate plan and your goals.

So make sure you have the whole conversation with a qualified professional rather than just asking someone to create a trust for you.

The fully monty matters.

Now to your question.

If the property was owned as husband and wife as tenants in the entirety, it is not necessary to create a new deed to reflect only your name before placing the property into a trust, said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park.

“The deed conveying the property to the trust should reflect the date of death of the reader’s wife,” she said.

Hope that helps, and we wish you luck as you embark on the big picture estate plan before you take any singular actions.

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This story was originally published in July 2024.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.