When and How to PROBATE Real Estate Properties in California!

[@michaelaronski7288]

I’ve done about 30 limited authority sales and this is one of the best pieces of content on the subject I’ve come across. Really nicely done

[@CunninghamLegal]

Thank you!

[@tavo7924]

If there is a revocable living trust in place and a real estate asset was added to the trust, then 2 years later its sold and immediately a new real estate asset is acquired. How do you add the new asset to the trust or is it automatically added in the trust if the title list the owner as "ABC revocable living trust" ?

[@CunninghamLegal]

For more information on How to Fund a Trust, please visit: www.cunninghamlegal.com/fund-it-now-five-ways-to-put-assets-in-a-living-trust/

[@CunninghamLegal]

Title can be transferred from and individual to a trust, or the trust can acquire the property in the name of the trust when purchased. It sounds like this is what happened here. Please do not rely on this as legal advice. We would need to review all relevant documents and have an attorney-client relationship to give you a definitive answer in your matter. For more information on How to Fund a Trust, please visit: www.cunninghamlegal.com/fund-it-now-five-ways-to-put-assets-in-a-living-trust/

[@michaelaronski7288]

@cunninghamlegal do you have an office in Los Angeles ?

[@CunninghamLegal]

We have offices throughout the state of California, and our Southern California corporate office is actually based out of Pasadena. We also have the option to meet remote and have another office nearby in Westlake Village. Here's all of our locations: www.cunninghamlegal.com/california-law-offices/contact/

[@5metoo]

I'm planning to do a TOD deed

[@CunninghamLegal]

There are a few downsides to the Transfer on Death Deeds that are worthy of consideration. If the owner of the property has a Medi-Cal bill, the equity in the home may have to be paid to California. Also, a Transfer on Death Deed a public document. If your intended beneficiary declares bankruptcy, a Federal Bankruptcy Judge could order that the property be paid to creditors after your death. Living trusts offer creditor protection, among other benefits. Read more on living trusts here: www.cunninghamlegal.com/how-much-should-a-living-trust-cost/

[@5metoo]

@@CunninghamLegal - Thanks for the reply. It adds to my understanding of the downsides of TOD. I think the characteristics and potential needs of the beneficiaries are a key to the estate plan one chooses. Like anything, every choice involves tradeoffs. It seems to me getting significant protection requires a high level of complexity. Unless something changes, for me protection against creditors and/or protection of beneficiaries from themselves aren't my major concerns. Here's a question. I know probate estate and taxable estate are different things. But let's say one had assets valued over the exemption threshold. Say in 2026 when it drops to 6ish million per person. If all the estate's assets were TOD and POD but the estate owed taxes because over the threshold, by what process do the taxes get calculated and paid if there were no will/executor or trust/trustee?

[@og-greenmachine8623]

If real property remains in joint tenants name after their deaths, Can the family legally RENT it out before probate, NOT sell it?

[@CunninghamLegal]

With California property, if one joint tenant is alive, no probate is needed. If all joint tenants have passed away, probate is needed. You can read more about probate here: www.cunninghamlegal.com/california-legal-services/how-to-do-probate-in-california-on-your-own-or-with-legal-help/

[@og-greenmachine8623]

@@CunninghamLegal Thx!