Under California law, for anyone owning property, probate is a required process after they pass away. Regardless of whether you have a will or estate trust established, there is no escaping probate. There is a way to avoid some of the stress and time delays of probate however. Under California probate guidelines, qualified property owners can file a Transfer on Death (TOD) deed with the state, leaving their home and land to a specifically named party. This can help bypass the probate aspect of a property title transfer, which can take a long time under standard protocols.
A state filed TOD allows for your family to move forward in a timely manner when it comes to dealing with your property after you’re gone.
The following types of properties can qualify for TOD deed claims:
· Agricultural Property of no more than 40 acres, with a single-family dwelling on site
· Condominium Units
· Multi-family properties with 2- 4 units
· Single Family Dwellings
For most of us, our homes are our biggest assets. Planning ahead as to who will take hold of the title after you’re gone, is a wise decision; especially since the standard probate process is already a complex one. When your wishes are known in advance, there can be less ‘red tape’ for your loved ones to deal with during an already stressful time. The California TOD is an easy way to save your loved ones both time and money regarding the investment you’ve made in your property.
The California TOD keeps homeowners in control over what happens to their property. Homeowners are safeguarded with a Transfer on Death Deed, as there is no way for it to come into effect until after a homeowner passes away. Until then, a TOD deed can be revoked at any time by the homeowner. Once filed, a TOD also won’t come into effect until 40 days after recorded. The California TOD process is especially helpful for unmarried homeowners, as the Transfer on Death deed allows you to name whomever you choose as the beneficiary for your property.
The probate process is a complex one, and I highly recommend you work with professionals, such as myself, who understand the intricacies of how probate works. Learning more is another step worth taking so you can make the best, informed decisions for your home and loved
ones. Check out this in-depth Q&A about for more information on the California Probate law and TOD process.* You can access the TOD form at the California.gov website.
Whatever your circumstances, having an experienced Realtor® on your side will help make the process easier and less stressful for you. Please contact me, Stephen Theard, at (408) 472-0817 or stephen.theard@cbnorcal.com we’re here to help you with all your real estate needs.
*This post is not intended to provide legal advice. Before making legal decisions, consult an attorney.