Someone has passed away and you are now the executor or administrator responsible to settle their estate. The first thing that comes to your mind is "Oh my stars, I haven't a clue what to do or where to start". Well, you've come to the right place...
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You agreed to be a successor trustee. You find that the trust was never funded or property was removed for some reason and never put back in. Now you have to deal with probate court.
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What is probate? What needs to be done? When? How long does it take? How much does it cost? What do THOSE words mean?
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In California, when estates are valued at $150,000 or more, probate is required in order to distribute the assets of a person who passes away ("the decedent"). This is true when there is a will or when there are no written instructions for settling their estate ("intestate"). Estates valued at less than $150,000 can often be settled outside probate using the "small estate" process. Probate is handled in the Superior Court of the County in which the decendent resided. The property in question does not have to be located in that same county or even in the same state.
Probate begins with the filing of a petition for probate. A bond may or may not be required. A probate examiner will review the file, assure that state laws are complied with and recommend to the judge that the petition be approved or denied. Personal Representatives of the estate (Executor, Executrix, or Administrator) may or may not choose to engage an attorney to represent them during the court process. They are required to have knowledgeable resources available to assist in the marketing and sale of real estate or businesses. Courts require that transactions are handled efficiently and with integrity. If a funded trust is in place, probate can usually, but not always, be bypassed.
The Court Clerk will guide the case through the court calendar for filings and hearings. It is imperative that the Personal Representative adhere to scheduled dates. Please see our
Probate often involves a complicated series of steps that must be diligently monitored and managed. Legal deadlines are unforgiving, documentation is unique and court oversight must be adhered to during the marketing, negotiation and escrow periods regarding the sale of real property or business. If all this is overwhelming, call us today at (661) 713-8210.
This will not be a fast nor an easy task for you. Your patience will be tested frequently. Any real estate transaction requires process co-ordination and attention to detail. Transactions handled within the probate court require all that and more due to the complexity of working within the court system. As the Personal Representative, you may be unfamiliar with property conditions and/or content valuations. You may need assistance in finding assets, appraisers, auctioneers, movers and clean-up crews. We can help with those details.
Probate properties are typically sold "as is" because the Personal Representative who has not lived in the property is not expected to be aware of problems or defects. Many probate properties suffer from deferred maintenance issues that can negatively impact the sale price and the time it takes to sell. Some are simple issues; others may be major. It will be up to the Personal Representative to decide whether to remedy any or all issues before marketing a property. Before making those important decisions, you can benefit from a unique service we offer that can increase your sale's proceeds.
All of this happens at a time when you are dealing with the loss of someone important to you. Additionally, you may also be dealing with unstable, emotionally-charged family dynamics. Working with a qualified professional who can "calm the waters" will make your life much easier throughout this stressful time. More than an experienced probate REALTOR®, I am also a certified fiduciary and conservator. I have broad knowledge of the probate requirements. My sensitivity, calm approach, experience and extensive network can prove invaluable to you throughout the estate settlement process.
A Certified Probate Real Estate Specialist has unique in-depth knowledge of probate that the average Realtor does not possess. As your listing agent, our offered services include walking you through the probate process and helping you understand the unique decisions you face as the Personal Representative of a Probate Estate property. We begin with a free consultation and evaluation of the estate property including a comprehensive property profile and associated external market conditions. We recommend an appropriate listing price based on recent area sales of similiar properties. If needed, content removal assistance and cleaning companies can be recommended.
When a probate property can be listed depends on whether the Personal Representative (PR) has full powers under the Independent Administration of Estates Act (IAEA). If you have full powers, a listing agreement for up to 90 days may be signed and renewed for subsequent 90 day periods up to a total of 270 days before you must give a written Notice of Proposed Action. If you do not have full powers under the IAEA, a Notice of Proposed Action regarding intent to list property must be prepared and mailed to all interested persons. The notice will state that on or after 15 days, the Personal Representative will list the property with a broker. Any interested persons will then have 15 days to object. If no objections are received, the listing can proceed.
As your listing agent, my goal is always to achieve the highest return for the estate with compassion and sensitivity to your circumstances. If you need court approval for your property sale, I am qualified to represent your sale in court.
