Understanding Devisees: Inheriting Real Estate through a Will
When navigating the complexities of estate planning, it’s essential to understand the term devisee. A devisee is a person who inherits real estate property as dictated by the terms of a will. This designation means the real estate specified by the testator (the person writing the will) will pass directly to the devisee upon the testator’s death.
Who is a Devisee?
A devisee specifically refers to a beneficiary who receives real property. This differentiates someone receiving cash or other kinds of movable assets because real estate typically involves more complex management scenarios including taxation, property maintenance, and potential income generation.
Real-Life Example of a Devisee
Imagine a scenario where an individual named Abel passes away. In Abel’s will, he specifies that his entire stretch of land will go to his niece, Clara. In this case, Clara is the devisee because she is designated to inherit the real estate.
Types of Devises
Devises can be categorized generally into the following:
- Specific Devise: A specific piece of property like a particular house or parcel of land.
- Residuary Devise: What is left of the estate after all other specific and general devises have been satisfied.
- Contingent Devise: The property is only transferred to the devisee upon the meeting of certain conditions.
- General Devise: A non-specific legacy, which means real estate of a particular value may be assigned to the devisee but not a particular property.
Legal Responsibilities of a Devisee
A devisee not only enjoys the benefit of inheriting property but also takes on responsibilities such as:
- Property Management: Deciding whether to sell, lease, or maintain the inheritance.
- Residential Usage: Complying with local zoning laws if intending to use the property personally.
- Taxation: Handling any associated property taxes or obligations.
How to Become a Devisee
Becoming a devisee can happen under several scenarios. A testamentary will specifically naming you as a devisee is commonly how individuals gain this status. Many seek the assistance of estate planning attorneys to ensure that their real property will be awarded to the desired devisee without transportation or interpretational issues.
Frequently Asked Questions
1. Can a devisee refuse the inheritance?
- Yes, a devisee can legally refuse the inheritance of property, usually by filing a disclaimer with the probate court.
2. Are devisees taxed on their inheritance?
- Yes, depending on the jurisdiction, the estate or the devisee may be liable for estate taxes, inheritance taxes, and ongoing property taxes.
3. What happens if the devisee dies before the testator?
- If a devisee dies before the testator, the will’s terms may specify a contingent devisee or the property might revert to the residuary estate.
4. How soon does a devisee gain ownership of the property?
- After the testator’s death, the property must go through the probate process, after which ownership can be transferred to the devisee.
Related Terms: Testator, Beneficiary, Executor, Probate, Real Estate.
