real estate probate process and timeline
TRANSCRIPT
Table of Contents• Slide 3: Context• Slide 6: Probate Begins• Slide 9: Probate Hearing• Slide 12: Appraisement• Slide 20: Disposition
www.ProbateSimplified.com
Barbara Stewart, Santa Clara County Probate Real Estate CA BRE 01273970
Timeline and what to expectTimeline and what to expect
In simple terms, probate is the process of winding down the earthly affairs of the deceased. Yet probate can be anything but simple.
When a person passes away without creating a last will and testament or without bequeathing their property to an heir, the courts must intervene and begin the probate sales process.
The probate process is handled by the court. It is the orderly transfer of a deceased person’s assets.
This process proves the validity of the will, inventorying and appraising the estate property, paying any debts or taxes, and distributing the property to the beneficiaries entitled to them.
The probate process is carefully regulated and controlled by the court. There is little flexibility involved—you must heed their timelines and follow the process to avoid delay.
It is a good idea to work with an experienced probate team who can help you navigate the process.
Probate Process Begins1
Probate Timeline
1-2 MONTHSAll timelines are approximate, use as a general guideline only
The Executor or appointed representative is responsible for handling the distribution of estate assets.
To begin the process, a petition must be prepared and filed with the court.
An experienced probate realtor may be chosen to represent the trust and sell the estate home.
Probate Hearing2
Probate Timeline
2-4 MONTHSAll timelines are approximate, use as a general guideline only
Next will be the court hearing.
As a result, several documents may be issued, including:•Letters of Administration•Orders for Probate•Duties and Liabilities•Issue Bond (if ordered)•Letters Testamentary •Notice to Creditors
Inventory & Appraisement3
Probate Timeline
4-6 MONTHSAll timelines are approximate, use as a general guideline only
Timelines may vary, but generally in the 4-6 month timeframe, there will be a Notice to Department of Health Services, and the Inventory and Appraisement of estate assets.
Processing4
Probate Timeline
6-12 MONTHSAll timelines are approximate, use as a general guideline only
A lot of activity occurs at the mid-point stage.•Pay State and Federal Taxes (if necessary) •Allow or Reject Creditor Claims •Possible Preliminary Distributions •Notice to Department of Health Services (if deceased received medical) •Notice to Franchise Tax Board (if heir is out of state) •Claim of Exemption (if assets transfer to a minor) •Receive Final Tax Letter from State and Federal (if appropriate) •File Petition for Final Distribution and Accounting •Hearing on Petition for final Distribution and Accounting •Order Approving Final Distribution and Accounting
Selling the estate home:
The executor/representative will establish the listing price for selling the property.
This price is based on the appraisal prepared by the probate referee, with input typically provided by an experienced probate real estate agent.
The property can then be listed for sale by the real estate agent or broker.
Distribution5
Probate Timeline
9-18 MONTHSAll timelines are approximate, use as a general guideline only
In the last phase, distribution of the estate occurs.•Distribution of Assets to Heirs •Final Discharge Order (indicates close of probate case) •Final Distribution of Funds
Need some help?If you’d like assistance with the probate process or need help selling your Santa Clara County probate home, contact me and my experienced probate team.
Click here to learn more!
-Barbara Stewart, Santa Clara County Probate Agentwww.ProbateSimplified.com
Thank you
www.ProbateSimplified.com
Barbara Stewart, Santa Clara County Real Estate Broker
CA BRE 01273970