In California, if you don’t have a living trust, your real property is subject to a probate with a local California probate court, with fixed schedules and costs of the process, which can take up to a couple of years in some cases and also cost your beneficiaries tens of thousands of dollars in legal fees.
Matt Haas, a Nevada County estate planning attorney, recently sat down with Betsy Hamilton to talk about the importance of having a trust and how it can help your beneficiaries and loved ones carry out your estate plans without going through a probate court proceeding.
A living trust is a powerful estate planning tool that can shield your real property from the probate process. By transferring ownership of your real estate assets into the trust during your lifetime, you effectively create a separate legal entity to hold these properties. Upon your passing, the assets held within the trust can be distributed according to your wishes without going through probate, which can be time-consuming, costly, and subject to public scrutiny. Since the trust technically owns the properties, there is no need for the court to oversee their transfer, resulting in a smoother and more private transfer of assets to your chosen beneficiaries.
This can offer significant protection for your real property and streamline the inheritance process for your loved ones.
Click here for more information on living trusts, probate and inheritance of property.
