Mark W. Bidwell, Attorney at Law, collects and transfers real property in estates valued at less than $150,000 without lengthy and costly large estate probate administration saving heirs time, money, and stress. All of California is covered.
For more information call 714-846-2888 or email Mark@BidwellLaw.com.
Compare to Large Estate Probate Administration
Large estate probate administration is the process of after death collection and transfer of assets and payment of debts under the supervision of the Superior Court of California Probate Department. Property owned by the deceased and appraised at more than $150,000 must be transferred by large estate probate administration.
Large estate probate administration requires court hearings; notice to heirs; notice to the public; notice to creditors; notice to state authorities; the collection and inventory assets; the appraisal of assets; accountings; letters of administration; and court orders to begin administration, act, approve and close the estate. Large estate probate administration takes about one year to complete and is open to the public.
Succession to Real Property Valued Less Than $150,000
The opportunity for reduced probate administration procedures and cost is determined by the value of the real property. The value of real property is determined by an independent third party, the probate referee. To determine if real property is eligible for small estate administration an appraisal by a probate referee is needed. A probate referee is a real estate appraiser who is qualified to submit his or her appraisals to the probate court.
Property appraised at less than $150,000 is collected and transferred by court order. A petition is prepared, a hearing date is scheduled and heirs are notified. The client will have legal representation at the hearing. After the hearing the court order is filed with the county recorder. The filed court order allows for a subsequent quit claim deed to change ownership on the public record. The quit claim deed transfers real property from the decedent to the heirs.
Real property held in joint tenancy or a revocable trust is not included in the value of a probate estate. Succession is a good tool to pick up the lots of land, timeshares, vacation homes, and houses in rural areas that were omitted or overlooked in the decedent’s estate planning.