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Tag «trust»

Two Better Alternatives to Adding a Joint Tenant Owner

The unintended consequences of adding a co-owner to real property are unfavorable tax treatment, exposure to the new owner’s creditors, relinquished control to sell and mortgage the real property, and failure to transfer due to an unplanned order of death. Revocable Transfer on Death Deeds (TODD) and revocable living trusts are better alternatives to adding …

How to Protect Your Home from Probate

When purchasing real property in California, the buyer is asked, “How do you want to own your home?” How you own your California home determines how it will transfer on your death. In other words, will the post-death transfer be in or out of probate court? Real property in your name only requires transfer to …

What You Need to Know About Post-death Trust Administration in California

The trustee manages and distributes trust assets in post-death trust administration in California. A trustee has fiduciary duties to administer the trust according to the trust’s terms and California law. The trustee assumes personally liable to beneficiaries of the trust for any breach of his or her fiduciary duties. A trustee’s duties will vary depending …

How to Avoid California Probate in Four Steps

Estate planning is an essential part of life. Planning ensures that your assets are distributed according to your wishes after you pass away. Planning avoids probate. Probate is the legal process by which a court oversees the distribution of your assets after your death. Probate is long and expensive. Best to avoid it if possible. …