On January 1, 2017 the California legislature enacted a new law, California Civil Code 2920.7 (pasted below) which aims to help the survivor deal with a mortgage company when their name is not actually on the mortgage. It's like a survivor's bill of rights in a way.
How does this happen? The most common situations I see, related to this, are:
1) Husband and wife buy house together, husband has bad credit or is self employed, house is purchased in wife's name alone, mortgage is in wife's name alone, wife dies, husband can't communicate with mortgage company.
2) A similar situation is when a family member (child, grandchild, etc...) live with relative, mortgage is in the relative's name, the relative dies, and now the kid, grandkid, etc... can not communicate with the mortgage company.
I was reading this article about Robin Williams’ estate. It is written by a Minnesota lawyer. I am not saying the story is “wrong” but it is a little misleading. Now that makes for better reading than a 100% accurate story of course. In this story they make a big deal about the high cost of probate in California. Yes, it is high. However, let’s look at the story:
1) It mentions a trust that Robin Williams’ allegedly had. It was called The Domus Dulcis Domus Holding Trust according to the story. If he had a trust and if the properties were in the trust then there would be no probate for these assets… unless someone brought a trust contes
I have heard this book is a great resource if you are serving as a trustee or executor of an estate. I have not read it myself yet. However, I encourage you to get a copy if you are going to serve in a fiduciary capacity.
Here’s the link to Amazon.