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Toadstool

Question probably for Spenser

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1 hour ago, Toadstool said:

If you and your wife own a house in both your names, and one dies, what happens to the house?

 

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He will tell you to do a Mexican will which he can arrange for you through a Notario.

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I think you have about one year to change the escritura (deed?) into the survivor's name.  You will owe a small fortune later if you fail to do this as there will be penalties and interest accruing.   This legal process is not cheap.  This may be more complicated than just having a Mexican will in place before the death.  You will not be able to sell the property until this is done. 

That has been my understanding, but I am no lawyer.  The running joke about Mexican lawyers is something like this:  When you go to interview a lawyer, take a cat with you.  If the cat jumps on the lawyer, then he is a rat.  If the cat runs from the lawyer then he is a junkyard dog.  That is the one you hire.  All stereotypes aside, it has been my experience that this applies across all borders, 

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basically you own 50 % and your wife 50 so it is a good idea to have a will or be the beneficiary on the will then you have to claim the other 50% and have the escritura changed..That is done via a notary. I believe  wife and husband do not inherit from each other.. the natural line is to the kids so you need a will.

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The answer is........it depends.

Seek, and be willing to pay for, qualified legal advice. (It costs so little here compared to NOB or elsewhere.) Chapala.com responses don't count as legal advice.

Or...if you feel lucky.... just roll the dice/pay the price.

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My husband and I owned the house jointly. In the event that we both passed together, the house was to go to his son. When he (my husband) died, I had his share of the property transferred to my name. A local lawyer arranged the transfer. The cost will depend on the value of the property.

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The answer is really quite simple (but expensive). Have a Mexican will drawn so that the survivor gets total ownership.

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Better than a will is to have a proper beneficiary clause as wills imply probate, each situation is different and people need specific advice for their situations.  Sometimes it is best to have a will but hope you never need it if assets are titled properly. 

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9 hours ago, cedros said:

The answer is really quite simple. Have a Mexican will drawn so that the survivor gets total ownership.

My husband and I had a Mexican will drawn up and owned the property jointly (NOT tenants in common.)  I (the survivor) got total ownership upon his death. I still had to transfer the ownership of his share (50%) to my name and pay for it.

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The SRE in Chiapas told me there was not such a think as property owned jointly.. it is all tenants in common in Mexico. Each person owns 50% and at the death of one the beneficiary gets it or the person designated in the will. If no one is designated it goes to the kids. Husband and wife do not inherit from each other unless they are the designated beneficiary in the will.  That is why you  had to transfer 50% of the ownership to your name. you never  owned  the other 50% . It is the same in France so I think we have Napoleon to thank for that one.

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So if you have a beneficiary clause rather than a will is it a lot less expensive for the survivor?

If one person is more likely to outlive the other (age, health, or ?) would it be better to have the ownership just under that one person rather than under two?

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If you have 2 people owning a house you get 2 exemptions when you sell if you have only one person you only get one exemption so you may  pay capital gain or what ever that is called. Of course if the other person dies.. not sure what happens..maybe Spencer can tell us.

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6 of one or half a dozen of the other. When two own and one dies the survivor often has to pay a huge amount to get whole ownership. I think I paid about $25,000. 

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