Legal Question in Wills and Trusts in Pennsylvania
Rental Properties, Probated or not?
My husband and I own our home and several rental properties as ''tenants by the entireties.'' I understand that should one or the other die, the home would become the sole property of the other. Would the same hold true for the rental properties since they are business investments or, would they be subject to being declared part of the deceased estate and therefore liable to probate? This of course is in the absence of a will.
1 Answer from Attorneys
Re: Rental Properties, Probated or not?
Whether they are your residence or investment properties, if legal title is in husband and wife, as tenants by the entireties, the surviving spouse automatically has sole title upon the death of the first to die. The properties would not be governed by will disposition or intestate succession law, and are outside the "probate" estate, as far as transferring title goes. They would have to be listed on the inheritance tax return.
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