The Revocable Living Trust (“Living Trust”) is a bedrock foundation of the modern estate plan. A properly drafted Living Trust offers you complete asset control during your lifetime; provides for you and your loved ones in the event of incapacity; and upon death, allows you to pass your assets to loved ones without the costs, delays, and publicity associated with court probate.
Effective Monday, October 1, 2012, several major sections of the Code of Virginia will be forever changed. The legislation by the Virginia Senate and House, which was signed into law by Governor McDonnell, creates Title 64.2 (Wills, Trusts, and Fiduciaries).
My last blog post focused on how title to real estate passes after death of the property owner. This post will focus on the power to sell real estate after death. The main issue related to the sale of the decedent’s real estate is whether the Executor of the estate possesses the power to sell or the authority to sell. The source of the power will typically be either express or implied.
The transfer of real estate at death can be a confusing and frustrating process. Often times the heirs and beneficiaries of the decedent’s estate are left with numerous questions: How does the real estate pass to heirs or beneficiaries? Is the real estate an asset of the estate? Is the mortgage a debt of the estate? How do I acquire title to the real estate? Who can sell the real estate? When and how can I sell the real estate?