probate real estate

You’ve Inherited A House…Are You Ready For What’s Next?

Many people find themselves with a house after the death of a family member. While this works out for some people, many are not prepared for the arduous task of taking on someone else’s home. The decision of whether to keep or sell the home could be laden with fear, obligation and extreme emotion. The best way to make a decision on what to do with the home you just inherited is to try to take the emotion out of the decision. Apply a business sense to the decision. Ask yourself a few questions such as:

1. How much is owed on the home?

2. Can I afford the upkeep of the home?

3. Are there any back taxes due, HOA fees, etc?

4. How close do I live to the home? Would it be practical for me to keep an eye on the home?

5. Has the home has fallen into disrepair and can I afford the repairs?

Once you have tackled a few of these questions from a basic business standpoint, you will have a clearer picture on what you should do with the home you just inherited. Should you decide that it is best to sell the home that you’ve inherited, it is wise to seek the professional advice of a local licensed real estate agent.

What Steve Jobs Knew About A Trust That You Should Know Too

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The sad passing of an intellectual genius such as Steve Jobs leaves people with lingering thoughts as they ponder their own immortality. In 2009, Apple co-founder Steve Jobs and his wife placed at least three properties into trusts. A trust is an arrangement under which one person (the trustee) holds legal title to property for another person (the beneficiary). The act of placing the properties in trust may have been his way to ensure that his assets were not disclosed upon his death.The advantages of placing stock and real estate into trusts can be to minimize estate taxes upon a person’s death, and keep assets from being publicly disclosed in probate court. While most of us do not quite have the type of holdings that Steve Jobs had, many of us would rather that our assets remain a private affair upon our passing. Even if we don’t have huge holdings in Apple stock or Disney shares as the late Steve Jobs held, it is important to provide as much protection as possible.

Real estate transfers in California are recorded in county records. According to California law, wills must be filed in court within 30 days of a person’s death. Once assets such as real estate are placed in trusts, a person can write their will to say that everything is left to the trustee, she said. The assets would be then administered according to the trust rules, which are almost always private.

In 2007, a study by Harris Interactive for Martindale-Hubbell revealed that 55% of adult Americans do not have a will. This means that when these individuals die, the estate must go through probate. Probate is a Superior Court procedure to determine a will’s validity and any creditor’s claims. Probate also establishes the identity of the beneficiaries.

Undeniably, Steve Jobs was a genius in his own right. He was far ahead of his time and made some pretty smart moves in his lifetime. Steve Jobs obviously recognized that with the kind of wealth he had attained, he certainly did not want his entire estate to go through probate if he could help it.

Disclaimer-All information contained herein is deemed reliable but not guaranteed. You are advised to consult a reputable attorney for all legal advice or a reputable tax advisor.

Stressful Life Events: Your Move May Be One of Them

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Stressful Life Events: Your Move May Be One of Them
Moving along with several other life events can produce stress. There is good stress and bad stress. Here’s a little test to see just how stressed you may or may not be. The relative stressfulness of each event is indicated by the number on the left. The most stressful life event was assigned a value of 100, and other events were assigned lower values in proportion to their effects on stress. Divorce, for example, caused stress in 73% as many individuals that experience this event as was true for the death of a spouse. Notice that change is a common factor in many of these events, often in either direction (e.g., marriage as well as divorce).

To calculate an index of the amount of stress in your life, list all the life events from this table that have affected you in the last year and add up their total scores. Persons with higher scores are much more prone to experiencing major illness or other stress-related conditions in the coming year.

STRESSFULNESS LIFE EVENT

100 Death of spouse

73 Divorce

65 Marital separation

63 Jail term

63 Death of close family member (except spouse)

53 Major personal injury or illness

50 Marriage

47 Being fired from work

45 Marital reconciliation

45 Retirement

44 Change in health of family member (not self)

40 Pregnancy

39 Sex difficulties

39 Gain of new family member

39 Business readjustment

38 Change in financial state

37 Death of close friend

36 Change to different occupation

35 Change in number of arguments with spouse

31 Mortgage over $40,000

30 Foreclosure of mortgage or loan

29 Change in responsibilities at work

29 Son or daughter leaving home

29 Trouble with in-laws

28 Outstanding personal achievement

26 Spouse begins or stops work

26 Begin or end school

25 Change in living conditions

24 Change in personal habits (self or family)

23 Trouble with boss

20 Change in work hours or conditions

20 Change in residence

20 Change in schools

19 Change in recreation

19 Change in church activities

18 Change in social activities

17 Mortgage or loan less than $40,000

16 Change in sleeping habits

15 Change in number of family get-togethers

13 Change in eating habits

13 Vacation

12 Christmas

11 Minor violations of the law

We have all experienced and continue to experience stress on varying levels. Moving is one of the biggest stressors which is why selecting a Realtor who understands your needs and who is skilled at creating smooth transactions is vastly important. Make sure you choose someone who will ease your burden whether your home move is due to a job relocation, divorce, short sale, probate, etc.

Disclaimer-All information contained herein is deemed reliable but not guaranteed. You are advised to consult a reputable attorney for all legal advice or a reputable tax advisor.