My ex- mother in law had a trust and left me a 2 flat building, the executor of trust wants to quit claim deed property, unsure legally what I will need to do, & how this will affect me financially.
Divorce / Separation Lawyer
It is not quite as simple as executor thinks, especially since the property is in trust. Please seek the assistance of an attorney who is familiar with estate planning and trusts. also, it most certainly will affect you financially.
Most of the time we use a fiduciary deed instead of a quit claim deed in these situations. The trustee should have this prepared by an attorney, to make sure it is done right. If I were you, I would want this done, as well. Otherwise, you could be trying to sort this out, long after the trustee has moved on.
It is unlikely there would be an inheritance tax, unless the estate was quite large. Illinois has a state estate tax, but only if the estate is more than $4mil. There could certainly be property tax issues, but there is not much you can do about those. You will need to let the tax assessor's office know once the deed has been recorded.
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6 lawyers agree
Attorneys Goldstein and Frederick are correct. The deed should be prepared by an attorney, who can also advise you of any tax consequences to the transaction. Good luck to you.
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Divorce / Separation Lawyer
You should do some due diligence to determine if the property has more value than liability. You receive the property at the fmv at the time of death. You will be responsible for the real estate taxes every year. You do not have to except this transfer. Although, it is very rare when a transfer like this is not profitable. You may also look to selling the property so that you can quickly change the real estate into cash. Most attorneys should know how to do this.
5 lawyers agree