One of the central objectives within a typical estate plan is to guarantee the seamless transfer of estate assets to designated beneficiaries either during your lifetime or upon your demise. A well-crafted estate plan employs various tools and strategies to accomplish these property and asset transfers. Given the uniqueness of each estate, it is crucial to collaborate closely with an experienced estate planning attorney to determine the most suitable method for transferring your estate assets. To give you a frame of reference, however, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss six methods for transferring property in your California estate plan.
California Options for Transferring Property in an Estate Plan
- Direct Transfer During Your Lifetime. Property can be directly transferred to a beneficiary while you are alive. This may involve signing over a deed or title to real or personal property, or simply handing over possession of personal property; however, lifetime gifts may be subject to gift and estate taxes payable by your estate after you pass away.
- Transfer of Property in Your Last Will and Testament. A Last Will and Testament allows the Testator to make specific or general gifts of estate assets to beneficiaries, to be honored upon the Testator’s death. While a Will is a straightforward way to transfer property, assets gifted in a Will must go through probate before distribution to intended beneficiaries.
- Using a Trust to Transfer Property. A trust is a legal arrangement where property is held by one party for the benefit of another. Trusts can be a testamentary or living trust. Unlike assets governed by a Will, trust assets bypass probate, allowing for quicker distribution after your death. A trust also offers the flexibility to stagger property distribution over time and protect assets for minor beneficiaries.
- Joint Tenants with Rights of Survivorship. If you co-own property with someone else, you can transfer your share by titling it as joint tenants with rights of survivorship. This ensures that if one joint tenant dies, their interest automatically goes to the surviving joint tenant(s), bypassing probate.
- Using a Life Estate to Transfer Property. Creating a life estate involves granting yourself (the Grantor) the right to reside on and use the property for life, with a designated remainderman (such as an adult child) inheriting full ownership upon your death. In short, you get to live on the property until your death at which point someone else automatically becomes the full owner.
- Transfer on Death and Payable on Death Accounts. Some states allow the use of a transfer on death (TOD) designations on a vehicle title or even on a deed for real property. Payable on death (POD) accounts operate similarly, automatically transferring ownership to the designated beneficiary without the need for probate. Unlike joint ownership, however, the designated beneficiary has no ownership interest in the assets prior to your passing.
Do You Have Questions about what Method for Transferring Property in California Is Best for Your Estate Plan Assets?
For more information, please join us for an upcoming FREE seminar. If you have questions about the available options for transferring property in California, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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