Three tiers of court involvement based on market value of real property
California real property in joint tenancy avoids probate on the death of the first co-owner of real property. But the surviving owner has a problem.
HUNTINGTON BEACH, CA, UNITED STATES, January 13, 2022 /EINPresswire.com/ — California real property in joint tenancy avoids probate on the death of the first co-owner of real property. But the surviving owner must have a trust to avoid probate. Probate is a set of California laws that determine who inherits and how. Probate requires a filing in court and an order from the court on who inherits. Probate is time consuming, expensive and a matter of public record.
Real property co-owners who own in their names only, are called “tenants-in-common.” A tenant-in-common owner requires transfer in probate court. The surviving co-owner may not be the heir and may have a new co-owner.
Co-owners can avoid probate on the death of the first owner with the magic words “as joint tenants.” Joint tenants have the “right of survivorship.” A surviving joint tenant owner inherits the deceased owner’s interest without probate court. If the phrase “as joint tenants” is missing the default is as tenants-in-common and transfer is in probate court.
Another of form of joint tenancy ownership in California is “as community property with the right of survivorship.” This right of survivorship is for married…
Original Author Link click here to read complete story..
Three tiers of court involvement based on market value of real property
California real property in joint tenancy avoids probate on the death of the first co-owner of real property. But the surviving owner has a problem.
HUNTINGTON BEACH, CA, UNITED STATES, January 13, 2022 /EINPresswire.com/ — California real property in joint tenancy avoids probate on the death of the first co-owner of real property. But the surviving owner must have a trust to avoid probate. Probate is a set of California laws that determine who inherits and how. Probate requires a filing in court and an order from the court on who inherits. Probate is time consuming, expensive and a matter of public record.
Real property co-owners who own in their names only, are called “tenants-in-common.” A tenant-in-common owner requires transfer in probate court. The surviving co-owner may not be the heir and may have a new co-owner.
Co-owners can avoid probate on the death of the first owner with the magic words “as joint tenants.” Joint tenants have the “right of survivorship.” A surviving joint tenant owner inherits the deceased owner’s interest without probate court. If the phrase “as joint tenants” is missing the default is as tenants-in-common and transfer is in probate court.
Another of form of joint tenancy ownership in California is “as community property with the right of survivorship.” This right of survivorship is for married…
