HUNTINGTON BEACH, CA (December 21, 2015) — For five years, Deed and Record has changed ownership of California real property in response to the major life events of marriage, divorce, growing old and death. An example of a needed ownership change is marriage. Property owned by one spouse will require court action in probate if the spouse dies. Deed and Record provides services for the orderly transfer of real property to the surviving spouse by deed, trust and “revocable transfer on death deeds.”
The problem with adding the new spouse on title by deed as owner is it creates a community property interest for the new spouse. In the event of divorce, both spouses have equal ownership under the community property laws of California. Trusts and “revocable transfer on death deeds” do not create a community property interest and protect the owning spouse from divorce.
Another example of a needed ownership change is when real property in California is awarded to one spouse in a divorce decree or marital settlement agreement. The spouse awarded the real property can have a deed prepared by Deed and Record for the other spouse to convey his or her ownership interest. Deed and Record records the deed and provides the recorded deed to the spouse awarded the real property.
In one’s old age, it is prudent and responsible to prepare for death. Failure to prepare for death results in ownership change under the supervision of the Probate Court. Probate costs about 5% of gross assets and takes at a minimum one year to complete. In California, the tried and true way to avoid probate is to create a trust.
For five years, Deed and Record has created and funded trusts. Trusts are prepared while the person is living, hence the name “Living Trust.” But creating a trust is the first step. It must be followed up with funding the trust by deed. The deed transfers ownership from the person to the person’s trust.
California’s legislature has begun a five year experiment with “revocable transfer on death deeds.” A real property owner using a revocable transfer on death deed maintains control, avoids probate and saves money. Use of this deed is limited to real property owned by one individual and should not name a minor child as the heir. Deed and Record has begun preparing “revocable transfer on death deeds.”
The final life event is death. Real property owned by a trust on death of the owner avoids probate and is transferred to heirs as directed in the trust by two documents: an “affidavit of death” and a “deed.” For five years, Deed and Record has prepared affidavits of death and deeds for successor trustees.
For five years, Deed and Record has transferred real property in probate court. Property with a market value greater than $150,000 is transferred under formal probate, which is costly and takes at least a year to complete. Deed and Record takes advantage of California law, allowing for probate shortcuts of real property with a market value less than $150,000. Real property less than $50,000 in market value may be transferred by an “Affidavit Real Property of Small Value.” Real property with market value greater than $50,000 but less than $150,000 is transferred with a “Petition to Determine Succession to Real Property.”
For five years, Deed and Record has changed ownership of California real property in response to the major life events of marriage, divorce, growing old and death. The company provides comprehensive service from quit claim deeds to legal representation in California’s probate courts.
This press release is provided by Mark W. Bidwell. Mr. Bidwell markets timeshare and vacation title transfer services through websites, primarily http://www.DeedAndRecord.com. Deed and Record provides change in timeshare ownership in California, Hawaii, Florida and Nevada. Office is at 4952 Warner Avenue, Suite 235, Huntington Beach, California 92649. Phone is 714-846-2888.
PRESS RELEASE SOURCE: Deed and Record