What is the one thing most decedents have in common?
95% of them pass away without a will or trust.
It's for those people that probate court and probate real estate exists.
Full stop.
Having a trust instantly skips court/probate for your residence or even for your investment property. Why? Because your trust owns the property, not you. And the trust documents say exactly what happens after you pass away. You are the trustee of your trust but only while living. You don't own the property. Your trust owns it and is already ahead of you. Every trust has named a "successor trustee" to take over after you're gone.
Managing the trust moves to the next person as listed in your trust. That's your successor trustee. It can even be co-successor trustees. End of story.
Having a will is not the same as having a trust. Often a will without a trust won't be enough to avoid probate if your will says, "I leave my house to my kids, but not my spouse."
That kind of statement can be easily challenged and everything will be messy. It's a weak option to only have a will if you own real estate.
A will is typically best used when it lists OTHER assets other than real estate and what happens to them after you pass away. The dining room hutch, your Rolex watch, your first edition books and even your car. A diamond ring. You get it.
This is not legal advice. I am just sharing information from actual events that I have worked on. Always seek the advice of an attorney for wills & trusts, it's money well spent! An attorney will tell you what's best for you.
But circling back to the title of this post, THAT is the one thing 95% of decedents have in common: they did not plan ahead and they died without a will or trust. Prince died without a will. Aretha Franklin wrote some notes on a few pieces of paper and shoved that paper into her couch cushions as her will. Those couch pages went around and around in the courts for years.
If you need help sorting through the real estate in your probate case, the probate case for a decedent that you are managing, I would like to help you. Reach out for a call, reach out if you need the name of a good probate attorney, and reach out if you want to talk to someone. You're going through a lot.
We at Blend Luxury Real Estate are certified as California Probate Specialists and have helped hundreds of families close sales and distribute funds to heirs. And we'd love to talk to you and work with you! Our probate division has its own website, probatedepartment.com. We are real estate brokers. We are not flippers. We never buy your real estate. We get it sold for top dollar, pleasing you and the heirs.
Kimberly Dotseth, Blend Luxury Real Estate, California DRE #01179760 (619) 261-1909 and info@blendluxury.com
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