The reality is that we all have to deal with the passing of a loved one at some point in our lives. Aside from dealing with the grief in the aftermath of a loved one’s loss, those in mourning might also have to deal with legal proceedings regarding the deceased’s estate.
This is often the last thing anyone has in mind when in mourning, and having to deal with the process of probate does nothing to ease their loss.
If you are thinking forward and wish to spare your heirs from the probate process in Oceanside, here’s a few things we at Ignite Property Solutions think you need to know.
What is probate?
Probate is a legal process that occurs after an individual passes away. It is the process in which your assets and properties are distributed to your heirs and beneficiaries after your death. An executor you may have entrusted to carry out your last wishes or an attorney that legally represents you may be called upon to initiate the probate process. A probate court will examine and validate your will, if you choose to leave one behind, and authorizes your executor to distribute your estate to your heirs. If you have no will, the court will determine how your estate is to be divided, whereupon your heirs or the court will name an executor or administrator to handle your assets. This administrator will execute the probate court’s decision regarding the distribution of the property.Why should you avoid probate for your heirs?
If you’re considering having your heirs spared from probate, you’re not alone. Many people prefer to avoid it, as the process can be:Time-consuming
In certain cases, probate court can take years to finalize the decision regarding an estate, especially one embroiled in complicated matters, like a contested will.
Expensive
While costs can vary from state-to-state, in Oceanside, California, the probate process requires you to pay executor fees, attorney fees, and other similar administrative expenses. Selling a house on probate will also require you to pay off an appraiser to have the property’s value estimated.
If the process takes longer than anticipated, these costs are exacerbated over time.
Public
As a legal proceeding under the jurisdiction of the state, probate court is public, and undergoing probate is a highly public process. Everything involving the probate process is required to go into public record.
If you wish to spare your heirs additional grief upon your passing,
Here are some tips to avoid probate:
Regardless of why you might want to avoid probate, there are a few things you can do to ensure your heirs do not have to go through the process.Establish a small estate.
Some states have an exemption level for probate. A smaller estate might go through a faster, simpler process. In Oceanside, the probate estate limit is $184,500.
Give your assets away before you pass away.
If your estate is much larger than $184,500, there’s another way to simplify the probate process. You can reduce its value while you are still alive by giving away your assets to your intended heirs and beneficiaries before your death. This can greatly reduce the amount of your estate as it goes through probate, and also significantly decreases estate taxes for your beneficiaries.
Set up a living trust.
Another way to avoid probate is to set up a living trust for your property. This means that upon your death, your property is not a part of your estate, and instead entrusted to a trustee that will distribute your property according to the terms of a trust agreement that you set up before your death.
Ensure your estate is accounts payable on death.
Accounts payable on death ensures your bank accounts and other assets are directly received by your designated heir without having to undergo probate. California is one of the states that allows for real estate properties to be accounts payable on death.
Make your heir a joint owner of your Oceanside property.
You can also name your heir as a joint owner of your property to avoid probate. This facilitates a quick transfer of the asset without having to go through probate court. Some things you can consider include joint tenancy with right of survivorship, tenancy by the entirety and community property with right of survivorship.
Sell to a professional home buyer!
If you’re looking for an alternative and easy solution, we buy houses in Oceanside, CA.
Selling through a professional home buyer ensures a quick and stress-free transaction, as most legitimate home buyers prefer to work with cash and are willing to accept the property in any condition.
If you are looking to sell your house fast in Oceanside, contact Ignite Property Solutions at: (760)472-5566 or send an email to: info@ignitepropertysolutions.com to get started.
