Hi, I’m Greg with the Ashcraft Firm. I’m an estate planning attorney and over the next four weeks I’m going to be talking to you about how to pass property at time of death.
The Four Ways to Pass Property at Death
Really there are four basic ways to pass property at death,
So, what does it mean when we say we are passing property through the estate or by the estate? What it really means is probate. If you are not passing property through any of the other ways that we will be talking about in the next weeks, then you are going to be passing property through your estate and it will go through probate.
In California if it is under 150K (your gross estate) then it doesn’t have to go through the full formal probate. But if you own a piece of real property at least here in Southern California,, you are going to be going through the full formal probate. because we are taking about gross estate, so they pretend like you don’t have any debts. ‘when we are talking about passing your property through your estate, it means that you haven’t passing it by contract, by joint tenancy, or through a trust.
NOTE: Even if you create a will, your property still has to go through probate. That will is essentially a letter to the probate judge.
Let me give you a simple definition of probate: Probate is the court process that returns property back to the land of the living.
A lot of people think that probate is actually a tax. It’s not a tax. It is a costly court procedure that returns property back to the land of the living. A lot of people hear that probate is a bad tax. It is bad, but it is not a tax.
Most people find that it is not the right way because there are a lot of downsides to allowing the court to oversee the distribution of your property.
Those are some of the big down sides of letting your property pass through your estate, but it easy to set up and there is court oversight. so if you need that the court is there.
If you are interested in being notified about when the next video in this series is released. There will be a pop up after this video, you can fill in your name and email address and we will tell you when the next video goes live. Thanks for listening.
Nothing said in this post should be misconstrued as legal advise. The information is situational. You should seek legal counsel as to whether the strategies and consequences apply in your situation. Also, the very basic information given here is based on California law and may not apply in other states.