I saw the probate forum is locked so I figured I would ask here. My wife passed away and I have 3 minor children. There was no Will and the only community property is our home. My wife and I are on both the mortgage and the title. I am considering selling the home and know I need to go through succession but my question is on the process.
There is not a lot of equity in the home because we have only been in it for 2 1/2 years. At most 40K after the mortgage is paid off.
Can this be taken care of with a title attorney because the value after the mortgage debt is paid will be less than $125K and would be considered simple succession?
the 50% of the profit from the sale of the home would be divided amongst my 3 children and I would be the natural tutorship but is there anywhere that those funds have to go? Into a trust or just accounts with their names? Does that depend on how much the 50% is or how much each would get?