Thank you for your comment @olgacontreras1409. Although there is no statutory (legal) requirement to notify the credit bureaus, you still can. Notifying all known or “reasonably ascertainable” creditors is required in a “formal” probate proceeding.
California also has a “TOD” deed. There are several drawbacks... To start, it’s public. A bankruptcy trustee for the person inheriting can seek a court order enjoining (stopping) the current owner from changing the beneficiary designation. This means the beneficiary’s creditors can end up with the property. Also, in California is the TOD is used, Medi-Cal is paid back on the death of the owner of the property - but with a living trust there is no reimbursement.
Amazing detailed explanation as usual
Thank you!
Very educational video! In probate, do you need to notify the credit bureaus of the decedent's death?
Thank you for your comment @olgacontreras1409. Although there is no statutory (legal) requirement to notify the credit bureaus, you still can. Notifying all known or “reasonably ascertainable” creditors is required in a “formal” probate proceeding.
In Texas we can do a TODD no need for trust.
Hi, thanks for leaving a comment! CunninghamLegal is a California based law firm, and our focus is California Estate Planning.
California also has a “TOD” deed. There are several drawbacks... To start, it’s public. A bankruptcy trustee for the person inheriting can seek a court order enjoining (stopping) the current owner from changing the beneficiary designation. This means the beneficiary’s creditors can end up with the property. Also, in California is the TOD is used, Medi-Cal is paid back on the death of the owner of the property - but with a living trust there is no reimbursement.