When my Dad passes what do I do with the will?

Signing over ownership from a parent to a grown child can create some issues... one such issue is that the grown child now would be responsible for the personal property taxes, insurance, and inspections/registrations on the cars and boats.... same with the house deeded in the grown child's name, with property taxes and homeowner's insurance, and any other insurances tied to the property [such as an umbrella policy].

Have the cars or boats registered on a transfer-on-death form (allowed only in some States).

Depending on his age, health and other factors....Save yourself a barrel of heartache...get him to sign over the boats and cars now. Also...have him put you on the bank accounts as joint owner with right of survivorship.

Then, you need only take a copy of the death certificate to the bank, and you are done.

Since my Mom has sufficient assets to ensure she can take care of herself without Medicaid in years to come...this is what we did. The family lawyer assisted in getting it all done legally. If your Dad is not in that same situation....then you need to worry about Medicaid deciding he isn't eligible because of gifts he made within the 5 year look back.

I know when my Dad passed, I had to make appointment with the Probate Court and start setting up the paperwork. It can take up to a year before any thing can be passed onto an heir. It can vary from State to State.

I wished my Dad would have placed everything into a Trust, to help avoid Probate taxes but he died suddenly before much was placed into the trust.

As for the quit claim deed giving the house to you, one main draw back on that is when the time comes down the road to sell the house, the tax basis will be on what your parents paid for the house. Depending on what the house cost when your parents bought it compared to what you can sell the house, there could be major capital gains taxes to be paid if the house went up in value since day one.

If the house had been still in your Dad's name, then the tax basis used would be the value of the house on the day of you inheriting the house.

If your Dad should move into a nursing home, you would not be able to sell the house, as your Dad still has "life use" even thought he is not living in the house.

I would highly suggest you talk with an Elder Law Attorney to see what is the best route to take, since your Dad has many assets.

When the time comes, you take the Will, a copy of the death certifictes (your Mom and Dad's) and you head to the county surrogates office. Many times there is info on the county website under Surrogates office. The staffs in these offices are generally very knowledgeable and they will give you next steps. You might call first to make an appointment.