Why Avoid Probate – Real Estate In California
It looks like you’re searching for some information on how to avoid probate. Yay! Congratulations, I applaud you for planning for the future.
Today, I’m going to give you two easy options on how to protect your real estate from going through the probate process for your loved ones left behind.
That’s what I’m going to talk about today.
I’m Annie Baker, I’m a real estate agent here in beautiful Silicon Valley in Northern California. I specialize in selling homes that are in trusts and probate, and when seniors need to downsize.
So today, I’m going to talk to you about planning ahead, planning for the future, and how to avoid probate, which is a drawn out, expensive, lengthy, emotionally tiring process of probate for the loved ones you’re going to leave behind.
I want to give you two simple ways to do that, and I’m going to focus on the perspective of protecting your real estate assets.
My first option for you is to set up a Living Trust. This is a fantastic option. I tell people to think of it as having a warehouse, that you put your house in, your car, your bank accounts, your stocks and bonds, any business investments, artwork, and collections; Anything you own of value.
You put it all in a warehouse, so when you pass away, your family just opens the key to that warehouse and it’s easy for them to access what you leave behind.
That’s what you’re doing by setting up a Living Trust. They don’t have to be super expensive. I know some attorneys and paralegals that will help set it up for under $1000 if you have a very simple, straightforward estate. I also know some very experienced ones that know how to set up very complicated estates with a lot of moving parts. They can be a little price here, upwards of $3,500 to $10,000+ if you have a complicated estate. I think that would be a small price to pay for your loved ones.
Again, setting up a Living Trust is my number one way to avoid probate.
The second option has to do with the title of your property, how you hold the title. There are two easy ways to hold title that will ensure your property just goes to the person that you own it with on Title.
One is joint tenancy with the right of survivorship, and number two is community property with the right of survivorship. Both those titles are great in the State of California for loved ones. Whoever you own the house with on Title will continue owning the property without having to go through the probate process.
So if you have more questions about how to protect your bank accounts, your cars, other ways, and you don’t want to do the living trust, there are other creative ways to protect those assets from probate too.
Feel free to email ([email protected]), text me, or call me at (408) 614-7370. I’d be happy to share some other options, but today, I just want to give you two simple ways for property. If you need a referral for an attorney, again, don’t hesitate to reach out.
So again, I’m Annie Baker, I’m here in beautiful Silicon Valley, and I’m here to be a service. Let me help you. Until next time, get out there and live because every day counts! Have a great one!