Legal Question in Wills and Trusts in California
How much money in taxes does it cost to have my father`s property transfered to me after his death? Of course having my father last will stating that. That would be in CA.
2 Answers from Attorneys
If you are named as the only heir to the property, you do not pay any taxes. There will be a fee of less than $25 to record the new title with the County. The propery wil then be re-assessed fro property tax purposes from the date of your father's deah, but you can file an exemption under the parent to child transfer provisions of the amendment to Prop. 13. If his estate is worth more than $100,000 it needs to be probated. I assume, based upon your question, that you know little about probate, so you need to go to a probate attorney to find out what needs to be done. The cost of an hour or two of an attorney's time may save you much more money and headaches in the future.
probate will likely be necessary for this estate. you should retain a qualified attorney to provide you with advice and prepare a petition for probate. the attorney will be compensated based on the value of the gross estate as provided by statute.