For many people, real estate is a large portion of their overall estate. When creating an Orange County estate plan, it is important to understand how this property will pass on to your loved ones, depending on the design of your plan. There are many different ways that real estate can be addressed during the creation of an estate plan. An experienced Orange County estate planning lawyer can help you decide which option is right for your unique estate plan.
Generally, the following are four common ways that real estate will pass to your beneficiaries after your death:
- If the real estate is placed in a revocable living trust, the property will pass in accordance with the terms of the trust instrument. The California probate court will not need to oversee this process, absent certain circumstances.
- If the real estate is distributed under the terms of your will, it will pass as of your date of death under that instrument. It will likely become a part of the California probate administration process.
- If the real estate is owned jointly with another party who has a right of survivorship, the property will pass automatically to that individual following your death. It will not be a part of the California probate administration process.
- If the real estate is owned in your name individually, and you did not create a will or trust to manage its distribution, the property will pass under the laws in the state of California. Its distribution will be overseen by the California probate court.
For more information about creating your estate plan involving real estate, view our free guide, The Ten Things You Must Know Before Creating (or Amending) your Will or Trust. Contact the experienced Orange County estate planning attorneys at the Law Office of James F. Roberts & Associates, APC for guidance. Call our office today at (714) 459-5481 for a consultation.