If your spouse has passed away and they were the named individual on some commercial property that they owned or you shared, you may have a number of questions about how to proceed now that they are gone. There are some steps you’ll want to take to ensure property transfer goes smoothly, but there’s no one-size-fits-all playbook for these situations, so they won’t all be handled in the same manner. With that said, there are a couple of things you can do that can help the process along, regardless of your specific circumstances. In today’s blog, we talk about commercial property transfers following the death of your spouse.
Contact A Title Service Company
You have enough to navigate without needing to learn more about the probate process and the transfer of property upon death, so let our team of professionals help with all of this. In many situations, the property is set to automatically transfer to the surviving spouse upon the death of a property owner, but that’s not always the case. Your title service company will determine how the property was held, and if it is not set to go directly to the surviving spouse, they can ensure the property/asset division is handled accordingly.
Again, even if the commercial property is set to transfer to the surviving spouse such that there is no need for the property to enter the probate process, connecting with a title service company can be essential. For example, let’s say that your husband was the only person listed on the deed and title, and even though your husband wants you to keep the commercial property should he die first, you will need to make sure that you become the named individual on the official documents associated with the property. A title service company can ensure you as the beneficiary become the named entity on the commercial property so that there is no confusion down the road should you wish to sell the property or set up beneficiaries of your own now that you are the sole surviving owner of the property. Your title service agent will determine how asset ownership is established on the title and the deed to carry out any necessary transfers or ownership updates with a property.
Obtain a Death Certificate
Another thing you’ll want to do as you begin this process is to obtain a death certificate. This is an official document that legally establishes a person has passed and that certain post-death actions associated with a property can take place. It’s not enough to tell the county clerk’s office or a title service company that your spouse has passed, because they are going to need official verified documents to complete processes on their end. Once you obtain this certificate, managing property transfers and title/deed updates will be much easier.
Sometimes there is very little that needs to be done with commercial property when a spouse dies, other times a little more work needs to be completed. Let us figure out how your property is held and ensure any and all necessary transfers and updates are completed while you focus on more important aspects of your life in the wake of the passing of your spouse.
For more information about title and deed transfers upon the death of a loved one, reach out to the team at Commercial Partners today at (612) 337-2470.