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Avoiding titling errors during estate planning

On Behalf of | Mar 1, 2019 | estate planning | 0 comments

Mistakes are possible when it comes to almost anything. In some cases, mistakes are not a big deal or can be easily rectified. However, when errors occur with important life events, like estate planning, the consequences can be major and lead to difficulties for surviving family members.

California residents may want to make sure that they avoid mistakes while creating their estate plans if they can. One error to watch out for is titling assets incorrectly or forgetting to transfer the title to intended beneficiaries. In certain instances, individuals can put the name of a beneficiary on a title so that the asset transfers directly to the beneficiary without having to go through probate proceedings. However, if the deceased person’s name remains on a title, that asset will likely have to go through probate.

It is also important to remember that if titles are jointly held, the property will pass directly to the joint owner. This means that even if one owner wants another person to inherit the asset, that cannot happen if the other owner is still alive or does not want to give up the asset. If a person believes that he or she will obtain a piece of property only to find that it was jointly owned by someone else, hard feelings and possible conflict could result.

Estate planning is an intensive process, and there is a wide margin for errors. Unfortunately, any mistake could cause tremendous difficulties for families when it comes time to probate a will. California residents who want to avoid mistakes in their plans as best as possible may want to work with experienced legal professionals during the planning process.