When can shared home be sold after partner’s death?
Q: I co-own a home with my same-sex partner, and we have two transfer on death deeds that give our interests to each other. When one of us dies, how long must the survivor wait to sell the home? Also, is it true that in Texas no possessions, property or financial assets may be transferred, liquidated or sold for 90 days after the will is read?
A: Unless your transfer on death deeds provide otherwise, there is a 120-hour (five-day) wait after one of you dies before the survivor technically inherits the interest of the one who died. After that, the survivor can sell the house.
The 90-day wait you are asking about is probably related to a will that has a 90-day survivorship clause. Wills often contain survivorship periods, but 90 days is typically found only in the wills of wealthy people who are creating longterm trusts. A financial account passing under a will would be subject to this same survivorship period. However, if a person is named as a beneficiary on an account, or that person is the survivor on a joint account with right of survivorship, the survivorship period in the will would not apply.
Q: You recently answered a question from a married couple leaving their estate to charity. Could they store their wills with the charity? If they inform the charity that it is the intended beneficiary, and they tell the charity, which they have named as executor, where they are keeping their wills, would that help ensure their funds get to those they intended to benefit? Also, can they name the CEO of a nonprofit to serve as executor?
A: It would be risky for a married couple to store their wills with a charity. The documents might get lost or destroyed. The couple might change their minds and write new wills. The charity might never find out the couple has died. There are simply too many problems that could arise.
Yes, they should inform the charity of their intentions, and they might want to provide names and locations as you suggest. Some charities will want to know how much to expect, and they may then begin pushing for the couple to advance some of that future gift now. For some people, that can be a little off-putting. For others, they might agree to start making gifts now rather than later.
In theory, the married couple could name an employee of the charity to serve as their backup executor, but that person may no longer be there by the time the job presents itself. The charity may also prohibit its employees from serving as executors and trustees, so the couple would want to check first. If the charity doesn’t object, the couple could name the “then-serving president/director” of the charity, rather than a named person, but I have never seen a will written this way.