Legal Question in Real Estate Law in California
Wills or Living wills
I owe two condominums, one in Daly City with my name on it only, I am single and living by myself, What happend if I die who gets my condominum??
I owe another condominum in San Francisco with my father's name on it. My father remarry after we bought the condo. he is 75 years old, say we both die, my step mom does not owe the house she is only a legal tenants, who get the condo in San Francisco?? and how long will my step mom's get it with out any kind of wills?? what kind of wills do I need so that my sister will get my share of the property??
Thank You
--name removed---name removed--8-10-06
5 Answers from Attorneys
Re: Wills or Living wills
You should have a living trust in order to avoid probate.
Re: Wills or Living wills
Who gets the co-owned condominium probably depends upon how ownership is held of record. If you and your father own it as joint tenants, upon the death of either of you, it would instantly pass to the survivor by operation of law, no will or trust necessary.
However, if your ownership is as tenants in common, the ownership interest of the decedent does not automatically always go to the survivor, Ownership will pass according to any trust or will including that property. If no will or trust, it will pass according to the law of intestate succession - if you die first, your father would probably be the "heir" to your interest; if he dies first, your stepmother would be his "heir." That would make you a tenant in common with her.
I agree you need one or two living trusts, unless these outcomes are OK with both of you.
Re: Wills or Living wills
what you need to do is consult personally not over the internet with a good attorney with expeise in estate planning and then take his or her advise -- feel free to compare attorneys for advise and costs -- remember the cots does not indicte the quality of work so the cheeper the cost may not be the better the work -- i have does estate planning in the s.f. bay area for over 30 years and understand your problems and concerns -- so not go to a para legal or company that just uses wills and trust forms
Re: Wills or Living wills
Your children would inherit. If no children, then your parent(s) would get your Daly City condominium, unless you have a will. They will have to file for probate. If no parents, then brothers and sisters.
As for the San Francisco condo, it depends how title is held. If it's joint with your father and he passes away, it would all be in your name. If only your father's name is on title, then it would pass to his wife.
I would suggest you consult with counsel to draft a will and trust for you to avoid probate and effect your wishes.
Re: Wills or Living wills
You need a living trust or two. Give me a call, I can do it safest, cost effectively, and best.
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