| ACQUISITION AND TRANSFER OF PROPERTY BY WILL Jeffrey Steinkamp-Realtor Realtors are called to action primarily for the purpose of between bringing buyers and sellers together in the sale and transfer of property. A sale is the means by which real estate is usually transferred, but it is not the only way. Another common way to transfer property is by will. A WILL is a document, created by a person, stating how that person’s property is to be conveyed or distributed upon his or her death. It also leaves instructions as to the disposition of the body upon death. This is known as dying TESTATE, which means having made and left a will. A will is the best way of transferring property at death. If you do not take advantage of this legal device, the state will decide how your property will be divided among your heirs. This may be inconsistent with your wishes. To protect yourself, have an attorney draw up a will that reflects your desires. A REVOCABLE LIVING TRUST is a trust that is effective during the life of the owner, rather than upon his or her death. It can eliminate probate (to prove a will) and serve the same function as a will. The property is placed in a trust created for the heirs and is revocable upon discretion of the (owner), but becomes fully enforceable upon the person’s death. There can be considerable tax savings under this arrangement, depending on the size of the estate. This type of trust is complicated, so an attorney specializing in this field should be consulted. At the very least, a revocable living trust protects the interests of everyone involved while avoiding the time and expense of probate. PROBATE is a Superior Court procedure to determine a will’s validity, any creditor’s claims and to establish the identity of the beneficiaries. There are charges for the court probate action and fees for any related attorney costs. After a person dies, an administrator is appointed by the court to temporarily take possession of the property until probate is finalized. If the will has appointed a particular custodian, that person is known as an executor (male) or executrix (female). A probate court must approve the sale of real property for a commission. For more information on this topic or any information regarding your home or land, call Jeffrey at Coldwell Banker Sellers Realty (707) 822- 5971 ext 124. |
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JEFFREY STEINKAMP
707-834-3428
humboldthomefinder
@yahoo.com
707-834-3428
humboldthomefinder
@yahoo.com
Humboldt Homes and Land.com
Humboldt Home Finder.com & Humboldt MLS.com
Your Up-to-the Minute Real Estate Resource
for Purchasing & Selling in Humboldt County
including Trinidad, McKinleyville, Arcata, Eureka, Fortuna......
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Your Up-to-the Minute Real Estate Resource
for Purchasing & Selling in Humboldt County
including Trinidad, McKinleyville, Arcata, Eureka, Fortuna......
985 G Street
Arcata, CA 95521
1-800-884-9740 ext. 124
Arcata, CA 95521
1-800-884-9740 ext. 124
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