By OBBM Network Editorial Staff

Derived from an episode of Epic Real Estate.

When O’Cryan Marrero died in 2018, her Harlem brownstone was sold twice in a single day—once to a stranger who claimed to be an heir and again for $1.5 million—without her family ever signing a single document. That stark example illustrates a common risk: without the right legal papers, a homeowner’s legacy can be hijacked by strangers, courts, or outdated state defaults.

Why a Simple Will Isn’t Enough

Matt Theriault notes that a last will and testament is often misunderstood. “A will is the set of instructions you hand the probate judge, which makes it more of a ticket to court than a way around it,” he explains. Probate, the court‑supervised process that transfers ownership, can take an average of 16 months and demand roughly 570 hours of work from the executor. If a homeowner dies without a will, the state’s intestate succession laws automatically decide who inherits, which may not align with the family’s wishes.

The Power of a Living Trust

A revocable living trust acts as a legal container that holds assets while the owner is alive. The homeowner remains the trustee, managing the property day‑to‑day. Upon death, a successor trustee transfers the house directly to the named beneficiaries, bypassing probate entirely. Theriault stresses the importance of a “pour‑over will” as a safety net for any assets unintentionally left out of the trust. He warns that many people create a trust but forget to retitle the deed, rendering the trust ineffective and sending the house back into probate.

Beneficiary Designations and Transfer‑on‑Death Deeds

Beneficiary designations on life‑insurance policies, 401(k)s, IRAs, and even bank accounts outrank both wills and trusts. Theriault cites a case where a retirement‑plan beneficiary designation named an ex‑spouse, and after death the plan paid a substantial amount despite a divorce settlement that relinquished her claim. “The form says what it says,” he says, underscoring the need to keep these designations current.

Many states now allow a Transfer on Death (TOD) deed—called a Deed Upon Death in Nevada—that works like a beneficiary designation for real property. Once recorded at the county level before death, the deed automatically transfers ownership to the named person without probate. More than 30 states have adopted this tool, and Maryland’s version took effect on October 1.

Medical and Financial Powers of Attorney

When a homeowner can no longer speak or sign, a HIPAA authorization and a medical power of attorney determine who can access health information and make care decisions. Without a HIPAA authorization, state default lists—often the spouse, then adult children—govern who receives updates. Theriault points out that four states (Massachusetts, Minnesota, Missouri, Rhode Island) lack a default list, potentially forcing families into court battles.

A durable financial power of attorney, meanwhile, appoints someone to manage money and property if the owner becomes incapacitated. Unlike adding a child’s name to a deed, which can create tax and creditor complications, a power of attorney allows the designated agent to sell or refinance the home without court involvement, provided the document was executed while the owner was competent.

Putting the Checklist Into Practice

The seven‑document checklist may seem daunting, but Theriault recommends a stepwise approach. First, check the county recorder’s website to confirm that the deed reflects the current ownership structure—especially whether a trust name appears. Next, review and update beneficiary designations on all retirement accounts and insurance policies. Finally, ensure that HIPAA authorizations, medical powers of attorney, living wills, and durable financial powers of attorney are completed and stored where they can be accessed quickly.

Theriault adds that local estate attorneys handle these documents regularly, and services can connect homeowners with qualified counsel. While the full suite of documents isn’t required immediately, taking one actionable step each week can dramatically reduce the risk of probate delays, family disputes, and unintended heirs.

By treating a home like a small business—maintaining clear ownership records, designating successors, and planning for incapacity—homeowners protect both their financial legacy and the well‑being of their loved ones.

The full episode of Epic Real Estate is available on OBBM Network TV.