My parents passed away without their home in a Trust and now their estate is going through probate. Is there any way to keep the home?
Just because a piece of real property is subject to probate does not mean that the beneficiary or beneficiaries must sell the home. If the home is the only asset in the estate, i.e. there is no cash or money in bank accounts, then the beneficiary may have to come up with the statutory attorney & administrator fees on their own. Probate fees are set by statute in Probate Code § 10810, which says that both the attorney and the administrator of the estate will receive 4% of the 1st $100k, 3% of the next $100k, 2% of the next $800k, and so on. So, for a home valued at $800k, the statutory fees for the attorney & the administrator are $19,000 EACH! A simple & cost effective way to avoid this is by putting your home into a Trust during your lifetime.