Many people in California transfer property to children by including the child's name on the title as a tenant in common. While this may seem like a simple way to leave property to a loved one, a problem crops up later when the tenant in common dies. Unlike joint tenancy, property owned as a tenant in common needs to go through the probate process when one of the tenants dies. Many children who own property as a tenant in common only discover the problem years later when they try to sell the property and find out they don't have clear title.
When this happens, the law firm of Johnson, Fort, Meissner, Joseph & Palley, helps heirs and beneficiaries clear the property title and gain full ownership of the property using an expedited or mini probate. While a full probate proceeding takes a minimum of seven months and cost up to 6 percent of the property, an expedited probate proceeding can be completed in two months and can cost less than $1,500.
Our probate attorneys will prepare all legal documents, conduct all legal filings and in general move the matter towards a sure and swift conclusion. We will ensure that all necessary legal steps are taken to properly transfer the property. We also will help you file an exclusion from reassessment on a parent-to-child property transfer under Proposition 13. If this exclusion isn't filed correctly, the property could be reassessed to the current value, resulting in substantially higher property taxes in California.
While it's best to transfer the title of property owned as tenants in common as soon as possible after your loved one's death, it's never too late to begin the process. If you have any questions concerning property transfers please contact attorney John Palley today.
For a FREE Initial Probate Consultation
Call Probate Lawyer John Palley at 888-920-5983 / 916-920-5983