There are different ways for people in California to own real property, such as land or a house. California real property can be held by a sole owner or by co-owners. Co-ownership involves two or more persons acquiring and holding title together.
California passed a new law, effective in January 2016, which allows the owner of real property to designate a beneficiary to receive their real property when the owner passes away. This new real property transfer device is called a transfer of death deed (“TODD”). A transfer of death deed can be a very good way for the owner of real property to transfer the property to another individual without the need of a last will or living trust. It is also an easy and inexpensive [...]
In California a revocable living trust is the best way for real property owners to avoid the need to probate their real property, allowing them to maintain control and save money all at the same time. However, it is not enough to establish a trust – you must also fund it. Transfer of your real property into your trust is not complete without a recorded deed. To avoid probate a trust must be properly funded. Funding of real property is accomplished by deed. A deed [...]
Spouses and domestic partners must consider California Community Property law because these laws impose limitations on the transfer of marital property or domestic partnership property when making a distribution of assets in their estate plan. While many people associate “community property” with divorce or dissolution of a domestic partnership, community property also plays an important role in estate planning. What is community property in California? Community property is all property acquired by a California resident during marriage or the domestic partnership that is not the [...]
There are many different ways for people to hold title to property in California. You should always consult with an attorney before deciding on how to hold title to California real property. California real property can be held by people as a sole owner or as a co-owner with another person. Co-ownership of California real property involves two or more persons or entities acquiring and holding title together. Sole Ownership by Person or Entity A Single Person Property would be held as an individual who [...]