Estate Planning 101:“DON’T WAIT TO PROBATE”

Attorney Marlene S. Cooper, a graduate of UCLA, has been an attorney for over 30 years.

[LOS ANGELES SENTINEL]

I was first introduced to the court proceeding called “probate” as a result of a frantic call I received soon after I began practicing law.  The caller, a real estate agent, was handling an escrow and found that the sale couldn’t be completed because the seller (his client) didn’t have title to the property.  Unfortunately, the property in question was still in the name of the seller’s mother who had died several years earlier.  Because the seller didn’t have title, the escrow couldn’t be completed, the real estate agent lost his commission, and the matter had to be taken to court before any further action could be taken with respect to the property.

Many people who have inherited real estate are surprised to learn that they must go through probate in order to legally transfer the property into their name.  They usually learn of their need for probate only after they have decided to sell the property or borrow against it.  When they find out that the average probate takes 15 months to complete, they are disappointed that their plans have to be put on hold.  Then, when they find out what probate costs, they are shocked.  For the average home in Los Angeles County, now valued at $350,000, probate costs can exceed $25,000!

Find out more about the probate process at the Los Angeles Sentinel.