Legal Question in Wills and Trusts in Kansas
Sale of property listed in will and purchase of new property
I have a Kansas will drafted by an attorney. Since the time of drafting, I have sold my resdence and purchased another home. My children are listed as beneficiaries of my estate which includes any value in my home. Since my prior home was listed by address in my will, do I need to change my entire will to delete that home and add my current home or can this be handled by a codicil?
2 Answers from Attorneys
Re: Sale of property listed in will and purchase of new property
A simple codicil should resolve the issue. Avoid using the street address in the codicil because you could end up with the same problem later. Consider describing the residence in generic terms, such as "all of my interest in and to real property that I may have at the time of my death."
If you want to avoid probate of the residence, consider preparing a beneficiary deed. This type of deed will transfer title at your death to those beneficiaries you name in the deed, all without probate. A beneficiary deed does not transfer any ownership interest until your death, so you have complete control of the residence during your lifetime. On the other hand, if you add your children as "joint tenants," you give up control because the residence cannot be sold or mortgaged without all owners' consents. Further, if a joint owner develops problems with creditors, the creditor could consider the residence as an available asset of the joint owner.
An estate planning attorney should be familiar with beneficiary deeds and could prepare one for you. I have seen some title insurance companies prepare beneficiary deeds. County Recorders of Deeds do not become involved in deed preparation. Good luck.
Re: Sale of property listed in will and purchase of new property
Of course, you may change the 'residential property' listed in your will by brief codicil. . .please know that the codicil must be executed in the SAME manner as your will....2 witnesses and a notary public viewing your signing of the document.
You should also be cognisant that in KS the ownership of real estate is governed by the deed to the same which is on file in the office of the register of deeds.
Perhaps you should only refer to your home in your codicil as your 'residence'. . .and, if you have no concerns about your children sharing, or your purchase of another home. . .you might consider placing the names of your children on the deed to your residence. In "Joint Tenancy, with right of survivorship", the property would pass outright (without probate) in equal shares to your children (if one predeceases you, that share passes to the surviving children.) In "Tenancy in Common", your children would take in equal shares upon your death, however, if one predeceases you, that child's share would pass to any survivors of that child. The extent of your estate should govern which alternative is the best for you. Hope this helps.