Your home is one of – if not the – most expensive assets that you will ever own. It is for this reason that it is imperative that you understand which legal documentation to complete in order to ensure that it can be transferred properly to your intended heirs after you pass.
You may understand what it means to transfer assets to heirs upon your death, but estate planning for the transfer of real property is not the same thing. Real property includes anything attached to the land you own, the land itself, and the home upon the land. A deed must be recorded in the proper jurisdiction (the one in which the property is located) in order to establish ownership of real property.
It is important to first take a look at how your property would pass tomorrow if you died. If the only estate-planning tool that you have is your Will, the real property would be passing through probate. This can require a lot of time and money, often causing your loved ones aggravation that you did not intend.
That’s why it is important that once you find the deed to your home you meet with an attorney who can explain to you how your property would likely pass per the deed if you were to do nothing at all.
Real Property and Probate
With only a few exceptions, all real property is subjected to probate. If you own your property as tenants in common, you have the right to transfer your percentage ownership of the property to someone else via your Will.
In the state of California, probate costs are set by statute and based upon a percentage of the estate’s value, based on its gross fair market value. As mentioned, the probate process can be long and expensive. Therefore if you can avoid probate you will be able to save your loved ones both time and money and your Will is not required to be shared with the public.
Heritage Legal, PC Helps Those in California with the Estate Planning Process
In order to properly avoid probate and transfer your property to your heirs in a way that meets the applicable legal requirements and eliminates potential challenges after you pass, it is wise to consult with a knowledgeable and experienced California estate planning attorney. They can work to ensure that your wishes are carried out in the best manner. Estate planning doesn’t have to be complex and confusing.
At Heritage Legal, PC, we understand the importance of protecting the very things that you care about the most. We can help you to establish a comprehensive estate plan that meets your needs and the needs of your family. To learn more or to schedule a free consultation, contact us today!