On April 21, 2016 I was one of many people shocked and saddened to hear that Prince had died.  And just a few days later, another shocking announcement was hitting the media saying that this talented musician and business man had died without a will according to his sister. We will find out soon enough if this is really the case.

What Important Lesson Can We Learn From This?

Maybe you were a fan of his, maybe not. Either way, there is an important lesson for all of us to take away. That is the importance of having a will and or trust.  Now I am not an attorney and am not in any way giving legal advice.  Repeat, I am not an attorney and am not in any way giving legal advice. If you want more information on this topic you should contact an attorney who specializes in wills and trusts in the state you live in.

Depending on the deceased person’s assets, the probate process can be fairly simple or it can be big and hairy and drag on for years. No matter how simple or complicated your situation may be, the BEST THING you can do for your heirs is to have a will and/or trust. They are going to be in emotional distress and you can help make things easier for them by planning ahead.

Here Are Some Benefits of Having a Will or Trust

• By having a will you can control what happens to your assets even after you have passed.
• You make it easier for your heirs to know what you wanted done
• If you have a trust you can avoid the probate process
• You can save your heirs thousands of dollars in taxes for real property that is held in the trust

What’s the Best Way to Hold Title

When you purchased your home, you were asked how you want to “vest” or hold title.  That means how do you want your name to appear on the deed to the property.  There are various ways to hold title.  Some common ways to hold title are: sole owner, joint tenants, community property, trust, etc.  Click here to find out the best way to hold title.

As a California Realtor®, I have helped people whose loved ones passed without a will sell their property through the probate process, I have helped buyers purchase a property that was in probate.