Is any property belonging to a deceased person in California exempt from probate? See, that’s one of the most common probate-related questions. Probate is the process that manages transferring property from the name of the deceased to beneficiaries. Not all property listed in the name of the deceased person goes through probate though. Some assets (non-probate assets) never go through probate.
For example, property titled as having “joint tenants with right of survivorship” skips the probate process. This type of property goes right to the co-owners by law. It’s exempt from probate.
Some retirement accounts qualify as exempt from probate too. IRAs and 401(k) with designated beneficiaries are exempt from probate. Life insurance policies with designated beneficiaries are also exempt. Some bank accounts have “pay on death” (POD) designations. These accounts can skip the probate process. Similarly, bank accounts with “in trust for” designations skip the probate process. Also, any property owned by a living trust skips probate. The title to this property passes directly to the successor trustees.
Do You Need A California Realtor Specializing In Probate?
We are experts in the probate sale under the probate code and trust law. So, we know the California Probate Code. We won’t let you get lost in it. If you need a realtor in California specializing in probate, please contact us today! We are upfront and honest about the costs of probate. Everyone wants to know about probate fees, but no one wants to talk about them. We will though. Sentinel Realty Partners wants our clients to be fully prepared and fully informed about buying or selling California probate real estate.
We have a list of the absolute best probate lawyers in California available for our customers. Plus, we also have relationships with the most vetted contractors, plumbers and electricians in California. See? We will guide you through every step of the process of selling (or even purchasing) a home involved in probate.
If you are buying a home in California, please have a look at our probate property search. If you need a Los Angeles, Orange County, Riverside, or San Bernardino professional to help you through the probate real estate maze, call us! These waters a murky, and you’ll want a knowledgeable, dependable, responsive team behind you. Check out Sentinel Realty Partners’ client reviews.