If you have recently lost a loved one, it can be a harrowing and troubling experience. There are so many decisions that need your attention in a timely manner. To make matters worse, if you inherited property in the state of California, also known as an estate, and there is no living trust, you must go through the process of probate. For an executor or administrator of an estate, it is essential to know where you stand, and the best actions to take during this trying time.
Is probate necessary for the property you’ve inherited?
Payable On Death Property— Payable on Death property or Transfer on Death property are non-probate assets. These assets can include life insurance, trusts, stock accounts, and many retirement plans.
Your Estate Is Worth Less Than $150,000 — You might be surprised to know that estates in California with a total value of less than $150,000 as of the date of death do not need to go through probate. In this case, beneficiaries can either claim the estate’s assets by signing an affidavit or by undertaking a summary probate process.
While these factors prevent a property from requiring probate, the reality is that many people will need to go through this process in their lifetime. When you do, hiring an experienced probate attorney is essential, but selling a home is not their expertise. Without a realtor, an attorney will spend additional hours on real estate research—hours you’re paying for. It is essential to look for an experienced probate realtor to help guide this process.
So when is probate necessary?
If the decedent was single, the sole owner of the property, and did not leave behind a living trust, you will need to go through the probate process. It is also necessary when the estate is worth more than $150,000.
If you find yourself in the position of selling a property in probate, you want to know you’re in the hands of a knowledgeable probate realtor who knows all the ins and outs of this complicated process. No one wants to focus on legal procedures during this already overwhelming time, so let someone else help lighten your burden so you can spend more time on more important matters.
Our team at Josh V reality has over 100 combined years of experience selling probate property with dedication and efficiency. However difficult the case may be, you can rest assured that we’ve seen it all. Contact us today for a free consultation. You’ll be glad you did.