You’ve been living in the house for years. You inherited it from your mom. You pay the taxes, fix the roof, and mow the lawn. It’s your home—until you try to sell it and discover your name isn’t on the deed. This is a classic scenario of what to do when you do not own what you think you own. It happens more often than you’d think. A home, a bank account, or even a business—people assume they own it, only to learn they never legally did. And that realization usually comes at the worst time.
How This Happens
Mistakes in ownership often stem from a missing or incomplete estate plan. Examples include:
- A will names you as the beneficiary, but no probate was opened.
- There was no will, and no court determined legal heirs.
- The deceased person promised to transfer the asset but never did it in writing.
- The deed or title was never updated or recorded.
Why It Matters
If you don’t legally own the asset:
- Creditors may make claims if the asset is still in the deceased’s name.
- You can’t sell or refinance it, illustrating what to do when you do not own what you think you own.
- Your insurance may be invalid.
- Family disputes can arise—especially if other heirs surface.
What to Do Now
You’ll likely need to open a probate case to:
- Prove you’re entitled to inherit the property under a valid will or state law.
- Legally transfer title to your name through the probate court. This is crucial when you realize what to do when you do not own what you think you own.
- Record a new deed, where applicable, once probate concludes.
This process is not quick or cheap. Court fees, legal costs, and litigation costs can escalate fast.
How to Prevent Ownership Surprises
If you think you’ve inherited real estate or other assets, don’t assume. Confirm it.
- Coordinate ownership with your wishes in your will and trust to ensure a smooth transfer of assets.
- Consult an estate planning attorney or real estate attorney to verify ownership.
- Ensure deeds are properly deeds or you updated beneficiary designations on accounts, so you know what to do when you do not own what you think you own.
When Shared Accounts Aren’t Really Shared
Maria assumed she and her husband shared their household checking account. But after his death, she learned her name wasn’t on it. The money she relied on was frozen, and she needed legal help to access it.
Common causes:
- A will was never written or probated.
- The account was only in one spouse’s name.
- There was no payable-on-death (POD) beneficiary.
Fixing It
- Probate may be required to gain access.
- In some cases and jurisdictions – small estate affidavits may help if the estate is small.
- To prevent this, consider joint ownership, naming a payable-on-death beneficiary, or placing accounts in a revocable living trust.
Joint Property Can Lead to Unwanted Partners
Mark and David bought a rental property together. They assumed it would pass to the survivor. But when Mark died, his estranged son inherited Mark’s half—because the deed listed them as tenants in common.
Avoid this mistake by:
- Reviewing your deed. Joint tenancy with right of survivorship ensures automatic transfer to the survivor after death.
- Using a will or trust that leaves your share to your co-owner if that’s your intention.
If the mistake is discovered too late, you may need to buy out the new co-owner—or face a costly partition action.
Other Hidden Ownership Traps
These surprises aren’t limited to real estate:
- Business Interests: Ownership must be documented—verbal agreements don’t count.
- Personal Property: Without legal transfer, heirlooms can cause family disputes.
- Outdated Beneficiaries: Life insurance or retirement accounts may default to an ex-spouse or go through probate if no beneficiary is named.
Secure Your Legacy the Right Way
Don’t assume. Confirm! Legal ownership and estate planning must work hand in hand. We can help you review your accounts and property and ensure your wills and trusts reflect your true intentions. Contact us today to protect your assets, your legacy, and your peace of mind.
