Real Estate Probate Process and Timeline

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Table of Contents Slide 3: Context Slide 6: Probate Begins Slide 9: Probate Hearing Slide 12: Appraisement Slide 20: Disposition www.ProbateSimplified.c om Barbara Stewart, Santa Clara County Probate Real Estate CA BRE 01273970

Transcript of Real Estate Probate Process and Timeline

Page 1: Real Estate Probate Process and Timeline

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

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Timeline and what to expectTimeline and what to expect

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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.

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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.

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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.

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Probate Process Begins1

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Probate Timeline

1-2 MONTHSAll timelines are approximate, use as a general guideline only

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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.

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Probate Hearing2

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Probate Timeline

2-4 MONTHSAll timelines are approximate, use as a general guideline only

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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

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Inventory & Appraisement3

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Probate Timeline

4-6 MONTHSAll timelines are approximate, use as a general guideline only

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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.

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Processing4

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Probate Timeline

6-12 MONTHSAll timelines are approximate, use as a general guideline only

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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

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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.

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Distribution5

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Probate Timeline

9-18 MONTHSAll timelines are approximate, use as a general guideline only

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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

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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

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Thank you

www.ProbateSimplified.com

Barbara Stewart, Santa Clara County Real Estate Broker

CA BRE 01273970