PROBATE 101

 

Did someone pass away in your family and the real estate property is going to probate?  

 

Are you the Executor or the appointed Personal Representative and don't know what to do?  

 

Are you being harassed by creditors and feel stressed on the overwhelming responsibility of paying them?    

 

Are you burdened by the responsibility of maintaining the property? How do you ensure that the vacant property is secure?  

 

How do you juggle paying taxes, paying the mortgage, the insurance, and the creditors on top of maintaining your own personal and family life?  

 

Do you need to sell the property because the heirs or beneficiaries already want their share - NOW?

 

How do you go about cleaning out and clean-up of the property? Organizing and shipping of the personal items of the deceased to the rightful destination?

 

These are just some of the daunting questions that affect people in the process of Probate. Below is a simple, straightforward definition and explanation of Probate.

 

 

 

 

WHAT IS PROBATE?

 

Probate is the legal process where a deceased person's assets (houses, cars, stocks, bonds, boats, etc.) are transferred to his/her estate so they can be sold or distributed to their rightful heirs or beneficiaries.  

 

Probate files are public information and takes place in the county of the decendent's residence under the supervision of the Probate Court. It validates the terms of the Will, if there is one, and oversees the settlement of an estate, pays legitimate creditors and distributes the remaining assets.

 

 

 

 

CALIFORNIA PROBATE PROCEDURE

 

The Will must be filed in the county where the decendent lived.

 

A Petition for Probate must be filed as well. If there is a Will, this requests the appointment if an Executor. Otherwise, if there is no Will, the Court will appoint someone to serve as the Personal Representative of the estate. As required by the Court, notice must be given to all heirs and beneficiaries.

 

Upon filing of the Petition for Probate, a notice must be published in a newspaper where the decendent lived. This is to notify potential creditors of the proceeding. 

 

The Court will issue "Letters Testamentary", if there is a Will, to the Executor. If there is no Will, then it will go to the Personal Representative or "PR". This letter gives the Executor or Personal Representative the legal authority to act on behalf of the estate. 

 

Inventory of the estate's assets must be filed with the court. 

 

Once all the creditors and taxes have been paid, a Petition to close the Probate must be filed with the Court. The Court will issue an order distributing the estate's property to the heirs or beneficiaries.

SPECIAL TYPES OF PROBATE

 

Conservatorship - Court case where a judge appoints a responsible person or organization (called the "conservator") to care for another adult (called the "conservatee") who cannot care for himself/herself or manage his/her own finances.

 

Guardianship - Court process by which a person other than a parent is given custody of a child or authority over a child's property. A guardian is the adilt who is legally responsible for the needs of a minor.

 

Living Trust - A legal document that places some or all your assets in the control of a Trust during your lifetime. You continue to be able to use the assets, for example, you would live in and maintain a home that is placed in Trust. After your death, the Living Trust (California) assets are passed to the people you have selected as beneficiaries. Living Trusts are a popular estate planning tool.

 

 

 

NEED HELP?

If you need help in dealing with the process of Probate, Sherry can help assist and sort out all the difficulties for you. Being an experienced and Certified Probate Real Estate Specialist (CPRES), Sherry can LIST and SELL your probate property and net you with the highest sales amount possible and in a timely manner. She also has publis and private investors, sometimes ALL CASH investors, ready to purchase Probate properties. Since properties under Probate are "AS IS, Where Is", she can also help in coordinating with the cleaning crews and origanize shipping of personal items to make the transition from For Sale to Sold a smooth and pleasant experience.

 

Call her now at (818) 429-2793