Transferring real estate after death without a will
Many people are mistakenly under the impression that they do not need to participate in the estate planning process unless they have money in investments or savings accounts. The reality is, particularly in the state of California, your property could very well be the most valuable asset you leave behind. It’s important for everyone who owns a home to make arrangements for transferring property upon death. If you don’t make any provisions, your home will have to go through probate which takes time and reduces the final amount your beneficiaries receive.
For those who have not yet signed a will or other estate plan such as a living trust, there’s another option. One of the simplest ways to go about transferring real estate after death is to set up a revocable transfer on death (TOD) deed. Setting up a TOD involves filling out the appropriate forms in which you name and describe the property and the individuals that you would like as beneficiaries, getting the paperwork notarized, and filing it with the County Recorder’s Office. The house then belongs to you while you’re still living, and is immediately placed in the name of your beneficiaries upon your death.
The state of California understands
The California estate planning laws have been updated to include the option to set up a revocable transfer on death deed in order to help you protect what may be your largest asset. As real estate becomes more and more valuable in this area of the country, it is critical that every property owner put a plan in place.
Depending on your circumstances, there are a number of different estate planning tools that can be of use. While setting up a TOD is certainly the easiest method for the transfer of your property, there are many other options that may be better suited for your circumstances.
Transfer on death deeds
Whether you’re considering putting your property in a transfer on death deed or another type of trust, the important thing is that you’re taking steps to protect your home, a valuable asset, for your beneficiaries. The next step, choosing exactly the right estate plan, can be challenging, but that’s what we’re here for.
Get started by making an appointment to consult with an estate planning attorney. At California Living Trust, our staff has the experience and training to guide you through this process, and we’re always happy to help.Schedule your FREE Consultation