A newly passed law in California creates a new non-probate method of conveying real property upon death.
A story on sandiegouniontribune.com says the law allows the conveyance through a revocable transfer upon death deed.
It creates a simple way for people to transfer their home (or one-to-four unit investment properties) on death without having to pay for a living trust of have it all sorted out in probate court.
The state had provided simple “payable on death” forms for many items such as cars, but not for so-called “real property.”
Setting up a trust for this has advantages but can cost thousands, the story says. Without a trust, the estate is handled through the courts and can take a year or more and can cost thousands.
The new form is one page. It is said to benefit seniors in particular whose estate consists primarily of the family home.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
