Notes from a Probate Workshop
I want to share my Notes from the June 18th Probate Workshop sponsored by the Fountain Valley, Ca MLS – presented by: Paul Horn, Probate Attorney & CPA.
California Probate is a legal proceeding required to settle a deceased person’s estate, paying all debts of the decedent, and distributing the property to the heirs and beneficiaries.
Probate is the orderly method of distributing the assets of a deceased person following someone’s death. An estate maybe testate (died with a Will) or intestate (died without a Will).
Probate is the court-supervised process for identifying and gathering the decedent's assets; paying taxes, debts, and expenses; and distributing the balance to beneficiaries. Probate deals with transferring the property of someone who has died (decedent) to the heirs or beneficiaries, deciding if a Will/Codicil is valid, and taking care of the financial responsibilities of the person who has died.
Intestate Estates (no Will) require Probate for the appointment of an Administrator and to determine how the Administrator shall be allowed to act under that appointment.
A Testate Estate (with Will/Trust) generally has a person or persons suggested to be Executor (s).
Per Mr. Horn – if the decedent passed away with or without a Will….. There may be complications which may need special knowledge or handling by an attorney.
Without a Will the process can take 12+ months. With a Will and Trust ~0-3+ months.
Basic Probate Time Line:
My take away:
I would suggest if the property is mostly original or a fixer or highly upgraded, superior amenity or features, that you hire an independent, unbiased appraiser, so that you can submit this appraisal to the court when filing the Petition, in Probate Court.
The estate will need an appraisal if there was a Will/Trust for tax purposes, as of the date of passing.
Hopefully the “Estate” has hired an Attorney that specializes in Probate & Trusts, to guide everyone through this process.
Data: from Paul Horn Law Group, PC, Probate, Trust Estate Planning www.PaulHornLawFirm.comContact #’s 800-380-7076 562-474-1231 11404 South St, Cerritos, Ca 90703
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