Is your home your primary asset?
Did you know that if you don't have a Living Trust, your estate and assets would have to be handled by the Probate court system upon your death?
Effective January 1st of this year, the California legislature passed a law to help you easily protect your home asset.
Here are the details:
The law (AB 139) creates a simple way for people to transfer their home (or one-to-four unit investment properties) upon their death – without having to pay for a living trust or have it all sorted out in probate court.
Creating a Trust has many advantages, but can cost hundreds of dollars. Without a Trust, your estate would be handled through the court system. That can take a year or more. The average cost of probate is more than $26,000, which can eat away an inheritance and leave your kids and heirs with many months of hassles.
The new form is one page. Fill in the parcel number, the name of the owner (grantor), the people who you want to inherit the property and their relationship to the owner. It must be signed by a notary, and must be recorded (at the County Recorder's office).
The deed can be revoked at any time.
The new law will be of particular benefit to senior citizens whose estate consists primarily – or even exclusively – of the family home. There are thousands of elderly people throughout the state whose home, purchased long ago and paid off, may be worth several hundreds of thousands of dollars.
If this sounds like you, you may be able to save thousands of dollars and make it easy on your loved ones too.
Below are links to the Deed, and if you change your mind, the Revocation Deed too.
Transfer on Death Deed
Change Your Mind? Revocation of Transfer
Trisha & Judy provide this information as a courtesy, and trust you'll find it useful. Feel free to pass this tidbit of info along to others, and call us if you have any questions.
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