The will is the analysis and administration of transfers of property assets that were previously owned by a deceased person. When a property owner dies, their assets are usually reviewed by a probate court. This court renders the final judgment on the division and distribution of assets to beneficiaries. A probate proceeding will generally begin by looking at whether or not the deceased person has provided a legalized will.
Probate property is an asset or assets left by a deceased person and that must go through probate court. This includes assets that are distributed through a will or that have been left by a person who has died without a will or without a will. Although real estate is generally referred to when talking about buying and selling probate assets, you can sell any asset that is part of the estate, such as jewelry, stocks, cars and collectibles. Because an executor's primary responsibility is to preserve estate assets so that they can be distributed to heirs, the sale of probate assets generally occurs only when necessary to pay creditors, although other situations, such as eminent domain, may require a sale.
A house is sold through probate when it is owned by someone who has died. They did not leave a will to dictate who should have the property or it was destined to be sold and the proceeds were divided among the heirs. When someone dies, they leave an estate that contains all the assets they owned during their lifetime, such as cash, investments and real estate. The legal process through which these assets are sold, or divided among heirs, is called a will.
If you are looking to buy a home, you may come across probate sales. These can be unique opportunities to buy a property. A deceased person leaves many types of assets upon death, but not all of them are subject to California probate laws. Certain types of non-testamentary property may pass to another person because of the way they were owned by the deceased or because they are designated to be transferred by operation of law.
An estate planning and administration lawyer can tell you more about the differences that apply to your particular situation, but an overview of probate and non-estate assets can help you understand how California law works. Any real or personal property that the deceased individually owned, ie,. Probate assets can include tangible items such as a house, vacation home, car, boat, jewelry, art, collections, furniture, household items, and many other belongings. In addition, there are also likely to be intangible assets, including checking and savings accounts, stocks, shares in a business, and similar items.
Property that is not the individual property of the deceased may be a non-testamentary asset by law. Real estate is a common non-testamentary asset because it can be held in conjunction with the right to survival, which means that the interests of the deceased person are transferred to the surviving landlords when one dies, completely outside the probate process. Other non-evidentiary assets include bank accounts or life insurance policies that include a payee designation. This tactic is often used in estate planning, where a person includes a “pay on death” clause or beneficiary designation, to keep the asset out of the estate process.
Keep in mind that any property owned by a living trust is also a non-testamentary asset. With this type of estate planning structure, a person transfers ownership and securitizes the asset in the name of the trust. The individual can enjoy the benefits of the asset, but technically does not own legal title to the trust asset i, either during their lifetime or after death. Consult with an Estate and Probate Administration Attorney This overview of the types of assets in a deceased person's estate may be useful, but it is not a substitute for the advice and advice of an experienced probate attorney.
A lawyer can review the details of your circumstances and give you more information about your options regarding probate and non-probate assets. Stark has extensive experience assisting clients with estate planning and various probate matters, so contact our office for more information. Our legal team serves clients in Santa Rosa, CA and throughout Sonoma County. To contact an experienced attorney at a firm who is available when you need us, seven days a week.
Homes are sold through probate when they are owned by someone who has died. A probate court will intervene if the person did not leave a will to dictate who should own the property or to whom it should be sold. The next step the probate lawyer takes is to ask the court to name the daughter, son, wife, or whoever as the personal representative (PR) of the estate. Probate Code §8904 provides that a unique, artistic, unusual or special object of tangible personal property that would otherwise be assessed by the probate arbitrator may, at the choice of the personal representative, be appraised by an independent expert qualified to appraise the item.
To complete the probate process, the personal representative or probate attorney will need to sell the property. It should be noted that Probate Code §1202 allows any interested person, for good cause appearing on the record, to summon the personal representative to appear in court and explain the status of the estate and the reasons why the estate cannot be distributed and closed. The probate attorney will be the one to fill out the inventory and appraisal form, so you will need to know what the assets of the estate are. The court will approve the distributions once the probate attorney prepares and files the Final Petition with the court that details how much the house was sold and how much was paid to creditors and how much is left to distribute to the heirs.
Probate Code §8904 provides that the personal representative may opt for an independent appraisal for any unique, artistic, unusual or special item of tangible personal property. Knowing what the legalization of a will actually entails will help ease your fears about the process, which isn't always as complex as you might think. Probate arbitrators are not employees of the court but are independent contractors, whose compensation for the appraisal is based on the value of the appraised asset. The real estate succession process may seem confusing between court proceedings and legal documents; however, probate properties will generally follow the same course.
Many probate homes sell below market value, but the process can take much longer than buying a traditional property. Multiple parties will be involved in an estate sale, in addition to any party within the probate court itself. The basic purpose of a will and the function of the PR are to collect the decedent's assets, pay debts and taxes, and distribute the decedent's assets to the heirs. .