Business

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

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

Tags
Show More

NNPAFreddie

Freddie Allen is the National News Editor for the NNPA News Wire and BlackPressUSA.com. 200-plus Black newspapers. 20 million readers. You should follow Freddie on Twitter and Instagram @freddieallenjr.

Related Articles

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker