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How to pass on your house to your children in California

On Behalf of | Dec 17, 2023 | Estate Administration & Probate

Leaving your home to your children in California is an understandable desire. It is the passing down of a legacy – a cherished abode that has provided protection and shelter for you and your family. But you can’t just simply give your house away to your children. There are smart ways that will help you avoid hefty taxes and other legal complications.

Joint tenancy with the right of survivorship

Joint tenancy with the right of survivorship is an estate planning tool that allows two or more people to have equal ownership of a property, with the added benefit that when one owner dies, the surviving owners automatically gain full ownership. It requires four key elements: unity of possession, unity of time, unity of interest and unity of title. This means that all owners must acquire the property at the same time, through the same deed or will, with equal rights to possess and use the property.

Transfer on death deed

A transfer on death deed is like a regular deed that you may use to pass down your home, but with one key difference – it will only take effect upon your death. This means you retain full control of the property while alive and can revoke or change the beneficiary at any time. A transfer on death deed is also a non-probate transfer, eliminating the need for court proceedings.

A trust document

This is a legal arrangement in which a trustee holds and manages properties on behalf of beneficiaries in California. Put simply, this tool allows you to designate an entity or individual to oversee your assets for your own benefit or for the benefit of others.

These estate tools all share one thing – they eliminate the need for probate court proceedings. The probate process can be quite expensive and time-consuming, not to mention the lack of privacy it offers. Still, many other options are available regarding estate planning, including wills and beneficiary designations. It is important to understand which is best suited for you, depending on your specific circumstances.

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