Transferring property to another upon the death of a property owner can be accomplished outside the California probate process by utilizing the following will substitute techniques:
Right of Survivorship: California recognizes three types of property ownership with rights of survivorship: (1) tenancy in common, where each owner has separate and distinct titles to the property and the right to pass that title to heirs; (20 joint tenancy with right of survivorship, where each owner has the same interest in the property, which passes to the other owner(s) upon his or her death; and community property, where each spouse has a 50 percent interest in the property. California does not recognize tenancy by entirety.
Beneficiary Designation: Certain accounts and financial instruments that allow for beneficiary designations, allowing assets to pass to beneficiaries outside probate, include:
· Payable-on-Death (POD) Accounts – checking and savings accounts, CDs and other securities.
· Transfer-on-Death (TOD) Accounts – investment and stock accounts.
· Contract Provisions Effective at Death – life insurance, annuities, qualified retirement plans, IRAs.
· Revocable Living Trusts
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.