Probate and Trust Real Estate

Confirm that probate is necessary. If the estate is small, it might qualify for a simplified process. Generally, probate is required for estates valued over $184,500

- File a petition for probate with the superior court in the county where the decedent lived. This includes filing the will (if one exists), along with the death certificate. 

- Then Notice of 1st court hearing date is published in the Newspaper.

- Then You have your hearing date within 5-6 weeks of when you filed the petition for probate.

- If named in the will, the executor will be appointed. If there is no will, the court will appoint an administrator. Letters of Administration or Letters Testamentary will be issued, giving legal authority to act on behalf of the estate. 

Within 120 Days of  Receiving the Letters:

1. Gather Assets

2. File Inventory and Appraisal Form

3. Notice to Creditors

4. Allowance/Rejection of Creditors Claim

Within 90 Days of Receiving the Letters Sent Notice to:

1. Franchise Tax Board

2. Dept of Health Care Services

3. Victims Compensation Board

The estate’s assets, including the property to be sold, must be inventoried and appraised by a court-appointed probate referee to determine their value. 

File a petition to sell the property with the probate court. This petition must include details about the property, the terms of the sale, and why the sale is necessary or beneficial to the estate. 

Notify all heirs and beneficiaries about the sale. They have the right to object. e process of investing in real estate, from finding the right property to managing your investment.

Attend the court hearing for the sale’s confirmation. If the sale price is at least 90% of the appraised value, the court will likely approve it. If not, a higher offer might be required. 

List the property for sale with a real estate agent. Probate sales are usually marketed with the note “subject to court confirmation or NOT subject to court confirmation.

 Review offers with the real estate agent and select the best one, subject to court approval. Typically, a deposit is required from the buyer. 

If Court Authority is required: File a Report of Sale and Petition for Order Confirming Sale of Real Property with the court. This sets a court date to confirm the sale. 

If Court Authority is required: Attend the confirmation hearing. At this hearing, others may bid on the property, increasing the final sale price. The initial buyer’s deposit serves as the opening bid. The highest bid must be at least 5% plus $500 more than the accepted offer.

Once the sale is confirmed by the court, finalize the transaction. This includes signing the purchase agreement, transferring title, and closing escrow. 

 Distribute the proceeds from the sale according to the terms of the will or, if no will exists, according to state intestacy laws.