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What form do I need to leave my house to my son and avoid probate?

What form do I need to leave my house to my son and avoid probate?

Q: Does property in a life estate get a stepped up basis?

Yes, property transferred through a life estate can receive a stepped-up basis. When the life tenant passes away, the property is valued at its fair market value at that time. The remainder beneficiary receives the property with this stepped-up basis, which can reduce capital gains taxes if they decide to sell it later.

Q: Does a life estate deed supersede a will?

Yes, a life estate deed typically supersedes a will regarding the property specified in the deed. The property will pass directly to the remainder beneficiary upon the death of the life tenant, regardless of any conflicting provisions in the will.

Q: What takes precedence a will or a deed?

A deed generally takes precedence over a will when it comes to property transfer. If a property is conveyed through a deed, it will pass according to the terms of the deed, regardless of any conflicting instructions in a will. This is especially true for life estate deeds, which specify the transfer of property upon death.

Full question:

If I leave my house to my son using a Enhanced Life Estate Grant Deed will he avoid Probate and receive the house at a stepped up basis ?

Category: Real Property
Date: 04/07/2025
State: California

Answer:

We cannot give legal advice. The following is not a substitute for the advice of a local attorney. But we hope the information will be useful.

Using the enhanced life estate deed, the owner can grant himself a life estate, with the remainder going to the son, who will avoid probate with regard to the house.

The stepped-up basis question: it is our information that the son would receive the house at the stepped-up basis as of the day of the father's death.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Does a life estate override a will after?

Yes, a life estate can override a will concerning the property held in the life estate. If a property is transferred through a life estate deed, the designated remainder beneficiary will receive the property upon the death of the life tenant, regardless of what the will states. This means the will cannot change the outcome for that specific property.

Does property in a life estate get a stepped up basis?

Does a life estate deed supersede a will?

What are the disadvantages of a life estate deed?

One disadvantage of a life estate deed is that it limits the life tenant's ability to sell or mortgage the property without the consent of the remainder beneficiary. Additionally, the life tenant remains responsible for property taxes and maintenance, which can be burdensome. It can also complicate the estate planning process if not properly understood.