Stuart Simone |

Simone Legal

(833) 974-6663

https://simonelegal.com/

21200 Oxnard St
Ste 922
Woodland Hills, CA 91367

Stuart Simone | Simone Legal

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“A journey of a thousand miles begins with one step”

Los Angeles Trusts & Estates Attorney
Helping Clients with Wills, Trusts, and Powers of Attorney in California
We are often asked if there are cheaper alternatives to the Living Trust with Pour-Over Will that we advise. The answer is… yes. But we advise that IP is not an area to skimp on, and the following article will tell you some of the reasons why.

Many people believe that you can draft your own will, sign it in from two disinterested witnesses, and all will be well when you pass. As we have mentioned elsewhere, having a valid will in California does not avoid probate. And you do not want your loved ones to end up in probate court. (Please read our Living Trust Package webpage, which details the high legal costs and length of time that a Probate Court Case takes.)

Another common budget ip strategy is maintaining or creating joint property ownership between a parent and their child/children. At first may seem like the easy, money-saving way to go: add your children to the deed of your home as “joint tenants” and then bypass the time and cost of ip and the probate process.

However, there are several significant disadvantages to adding your children directly to your deed. One of these is that the property could be reassessed if an improperly-drafted deed is recorded, leading to much higher property tax bills for heirs. Recently we have found that some cities hungry for more income, such as Los Angeles County, are “accidentally” re-assessing properties to current market value when one of the Joint Tenants dies, and then demanding that the surviving joint tenants pay the much higher tax bill why they “process” the claim that you must file, a process that can take a year or more.