How to Plan Your Estate for the Cheapest, Easiest Distribution of Inheritances

[krishjose]

My question involves estate planning in the state of: California

My dad has bought a property just few weeks back. Now we are confused what exactly is a economical, fast & easy option to take care of property inheritance, in case he passes away

Due to some legal complexities, for now the title has to be in his name only, though after like 7-8 months, it can be shared with his wife or children. So in a way we want to do a short term & long term planning ( which i think would be like estate planning), both

For now the only requirement is to take care of this property inheritance only, in case he passes away. And we want it to be shared between his wife & children.

Which option would be better like will, deed, trust etc ?. Do we really need to involve a attorney in this case or there is something simpler that we can implement ?

Thanks a lot

[Mr. Knowitall]

Dad needs to share the specifics and his goals with an estate planning lawyer, and plan accordingly.

Depending on the facts and tax implications, and his plans for who would inherit and under what terms, the approach could vary significantly - joint deeds, a revocable living trust, an irrevocable trust, perhaps a will would suffice....

[krishjose]

Can someone please provide a more clear and detailed answer ?
I mean something that can be done without attorney. Objective is to have his house only inherited by wife &children in equal shares, in case he passes away

Thanks a lot

[flyingron]

But we can't guess as to what is going on without knowing what all those other "legal complexities" are.
In addition, is there a mortgage? Are there other debts likely to exist in the estate? Are their other assets?
There's no "one answer" we can give you without all the details.
It's unlikely we will get the details.
Even if we could give you an answer most of the solutions would require a lawyer to draft the will, create the trust, deed the property, etc.....

[krishjose]

Well dad has nothing in bank account, no debts and no other assets. But he is not good health wise.
He sold one of his house & has invested in this new house. Only requirement is if he passes away, this property should get divided between wife & children