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.
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!
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.
This information is presented as a public service. It should not be construed to be formal legal advice nor considered to be the formation of a lawyer/client relationship. I am licensed in Connecticut and New York and my answers are based upon the law in those jurisdictions. My answer to any specific question would likely be different if I were to review a client's file and have the opportunity to interview the client. Accordingly, I strongly urge you to retain an attorney in your jurisdiction with respect to any legal matter.
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.