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"How to get Medi-Cal coverage for your nursing home care... without selling your home or leaving your family without a dime... Surprising ways to pay for your assisted living and long term care costs."

Elder Law Today Newsletter | June, 2017

 

Will Probate Be Required?

Probate is not always required to clear title to your assets after you die. For instance, if you have a revocable living trust, a probate should not be required when you die. If your home is properly titled in your trust, then upon your death your home will be distributed to the named beneficiaries of the trust.

If you hold an asset in joint tenancy with another person, then upon your death the other person will take title to the asset. However, a probate will be required on the second death unless the title is transferred to a revocable living trust, or another joint tenancy for the asset is created. In addition, assets held as community property with right of survivorship will not require a probate on the first death.

Accounts which have “pay on death” beneficiaries will also avoid probate. For instance, if you have a savings account with a bank, and the account names someone else as the pay on death beneficiary, when you die no probate will be required.

Keep in mind that the above information is general in nature, and should not be taken as legal advice. Each method of holding title to various assets could have various tax consequences. In addition there can be consequences regarding asset protection and Medi-Cal and long term care planning. You should always seek the advice of your estate planning attorney for proper estate planning, probate avoidance and planning for your long term care.



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