New Assembly Bill helps to avoid probates.
The transfer of real estate deeds after death is getting easier in California. When a loved one passes, the last thing you want to do is deal with a messy bureaucratic process to settle all their assets. These processes are costly and the drawn out process can be painful. But, due to new legislation passed by California state legislators, that’s about to change.
As of January 1, 2016, Assembly Bill 139 allows Californians to transfer real estate properties after death through the use of a form. While transferring other assets from financial accounts to car titles has been a simple process, it’s taken a long time for real estate titles to catch up.
The transfer of real estate properties has long been a complicated process. Not only is it time consuming, but it’s expensive. Prior to the new bill, Californians had the choice between two options. They could draft a trust with the help of an attorney, or surviving parties could muddle through the probate process. Either case was expensive, costing anywhere from $2,000 to $26,000 to settle. Lawmakers hope that this new law helps to alleviate some of the burden, both financial and emotional.
This motion to pass the law wasn’t new. At least 25 other states already have similar laws in place, and California has tried to pass the measure several times over the last decade. California lawmakers are optimistic about the new process. They hope it streamlines the process, making it much easier for Californians to deal with the burdens associated with losing a loved one.
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