Single woman who passed away with only a home and no Will or Living Trust
Alice – RIP
She was a proud home owner in Los Angeles in her eighties (80). Alice never heard she should put her home in a Living Trust.
She passed away without a Living Trust and Her estate went through Probate Court for nearly 2 years just to transfer title of her home to her one and only son. Another family member claimed it was supposed to go to them and with nothing in writing, it almost did.
Because things were in court so long the family lost timing to sell, upgrade or rent the property for Income.
The Probate fees were $90,000 due to the contest (when a family member challenges property transfers).
Offer on her Home when passed $1.2mm
Offer during probate 2 years later - $735,000
Lost Opportunity = $465,000 + Probate = $535,000 Total lost to her son.
Court: Los Angeles