Welcome to the Probate Realtor Blog, where we explore the intricacies of selling and buying real estate through trust and probate. For this article, we have the privilege of interviewing Kevin Sayles, Vice President of Lawyer’s Title, specializing in properties undergoing probate. Join us as we unravel the complexities of probate, discuss the pitfalls of the “Poor Man’s Will,” and demystify the significance of trusts in real estate transactions.
I. The Genesis of Expertise: Writing a Book on Probate Real Estate
- Kevin delves into the origins of his book, “Probate Real Estate Sales 101,” inspired by the need for a comprehensive resource in the real estate industry.
- Addressing common queries from real estate agents, Kevin recognized the lack of accessible information on probate transactions, prompting him to create an essential guide for industry professionals and investors.
II. Decoding the “Poor Man’s Will”: A Risky Gamble
- Kevin sheds light on the concept of the “Poor Man’s Will,” where individuals add heirs to a property deed without proper estate planning.
- Illustrative examples highlight the complications arising from this practice, emphasizing the need for legal counsel and estate planning to avoid financial and legal repercussions.
III. Unraveling the Mystery of Preliminary Title Reports
- Kevin demystifies preliminary title reports, outlining the exclusions and encumbrances that potential buyers and sellers should be aware of.
- Buyers are educated about their property’s ownership rights, allowing them to make informed decisions, while Kevin stresses the importance of consulting experts when navigating preliminary title reports.
IV. Trusts: Beyond Estate Planning
- The conversation delves into trusts as effective tools for avoiding probate, emphasizing the critical role of successor trustees.
- Kevin explains the nuances of trusts, from the original trustee managing day-to-day operations to the successor trustee stepping in when the original trustee is no longer able, ensuring the smooth transition of property ownership.
V. Conclusion: Empowering Real Estate Transactions In this enlightening discussion with Kevin Sayles, we’ve unraveled the complexities of probate, exposed the risks of the “Poor Man’s Will,” and demystified the significance of trusts and preliminary title reports. Armed with this knowledge, real estate professionals and investors can make informed decisions, ensuring seamless transactions and empowering their clients’ financial legacies.
🗣️Notable Quotes:
“The Poor Man’s Will is a made up term to describe adding a child or grandchild to title of real property instead of doing proper estate planning. This is a huge mistake and creates a lot of issues.”
Watch The Full Interview Now:
📇Connecting with Kevin:
LinkedIn: https://www.linkedin.com/in/ksayles/
Instagram: @sayleskevinWebsite: https://laltic.com/KevinSayles
DISCLAIMER: The Probate Realtor® Matias Baker Masucci is a licensed real estate broker in California DRE # 02054763. Any legal information provided is for informational purposes only and NOT for the purpose of providing legal advice. Contact an attorney to obtain advice with respect to any particular legal issue or problem. We make no guarantees as to the accuracy of any information.
