Legal Question in Wills and Trusts in California
I have an Aunt. We are going in on a condo. Shes paying most of it, but I laid out the down payment. Deeding it joint with right of survivorship, so it transfers to me at death. I'm also named as sole beneficiary in her will and on her bank account. Thats all she has.. So the bank will pay me at death. Since it's just us, why do you have to probate it? Or do I. The Condo will count as inheritance (160k) and she has 200K in bank..
2 Answers from Attorneys
The need for probate is going to depend on her assets at the time of her death. You are correct that real property would pass to the survivor, by operation of law, if it is held in joint tenancy. It is not clear, however, what form the bank account is in.
I suggest, at the very least, of speaking to an estate planning attorney to make sure that the account and any other property is handled sufficiently.
If the real property is held in joint tenancy WROS (with right of survivorship) and all the accounts have POD (pay on death) designations, a probate will not be necessary. But if more than $100,000 (or $150,000 after new law takes effect Jan 2012) passes via the Will, probate will be required.
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