California Probate Process Explained

Homes For Rent In Lafayette La - California Probate Process Explained

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The legal process begins with a "petition" (request) to open the estate and formally name a personal representative who is responsible for the management of the deceased's property. An official consideration of Creditors is printed in a local newspaper and a consideration of management is sent to other complex parties. Creditors then have a set whole of time to file their claims based on the date of first publication. The personal representative then pays the debt and distributes the remaining estate. Finally, a appeal for extraction is filed, and the estate is closed.

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Homes For Rent In Lafayette La

This is a very simplistic overview of a complex legal process and you should engage the services of a skilled attorney. Upon your attorney's recommendation, you may also be encouraged to consult with a Cpa or tax consultant.

Probate - First month

File traditional wills and codicils (executor must appeal for probate within 30 days or may lose right to be executor)

Publish consideration of appeal to Administer Estate (3 times before hearing date, 1st publishing must be at least 15 days prior to hearing)

Mail consideration of appeal to Administer Estate (at least 15 days prior to hearing)

File proof of publication and proof of mailing "Notice of appeal to Administer Estate"

File proof of will, if required and check calendar notes at least two days before hearing

File Order for Probate and if required probate bond

Letters issued - may be at the same time, or after filing order for probate

Next 4 - 5 months

Apply for manager Identification Number

Notify Director of condition Services

Open Estate Bank account

Arrange for preparation of wage tax returns

Prepare list & appraisements and send to Referee

Mail consideration of management to creditors, pay debts without requiring formal claims

File approval or Rejection of formal Creditor's Claims

File list and Appraisement with court

List asset for sale with Realtor and start to shop and sell property

File appeal for Confirmation of asset Sale (if no Iaea Administrator)

Attend court hearing for overbids (if no Iaea Administrator)

File turn in ownership Statement with county assessor for all real property

File federal estate tax return if gross estate is valued at 5,000 or more

Final Month - windup Estate

File appeal for Final Distribution

Mail consideration of Hearing to heirs and beneficiaries

File proof of mailing consideration of Hearing

File Order for Final Distribution

Transfer assets and procure receipt

File Receipts and Affidavit for Final Discharge

Intestate Succession

The following is an effort to simplify the manner in which isolate asset is distributed when one dies without a will.

If there is a surviving spouse, but no surviving children, parents, brothers or sisters:

All to surviving spouse

If there is a surviving spouse, and one surviving child:

1/2 to surviving spouse

1/2 to child

If there is a surviving spouse and more than one surviving child:

1/3 to surviving spouse

2/3 to children

If there is not a surviving spouse and no children, but there are parent(s):

All to parents

If there is not a surviving spouse, no children, and no parents:

All to siblings

If there is not a surviving, spouse the preferential order of distribution:

Children

Parents

Parent's children

Grandparents

Children of grandparents

Children of predeceased spouse

Next of kin

Parents of predeceased spouse

Children of parents of predeceased spouse

State of California

Overbids

The Court must confirm the sale. At the time of the confirmation hearing, another buyer may overbid the traditional buyer. Typically overbids are offered at the hearing verbally. At the consummation of the confirmation hearing, the successful over-bidder will be required to execute the bid in writing and usually at this time, the buyer must present a 10% deposit.

There is a statutory formula for the first overbid. It is an further whole equal to 10% or more, on the first ,000 and 5% on the whole of the traditional bid in excess of ,000.
For example:

Original bid = 0,000

First overbid must be 10% of 10,000 = + 1,000

5% of ,000 = + 4,500

Overbid must be = 5,500

If the court receives an suitable overbid, the court will ask for any further overbids. The judge will usually design minimum increments as to further overbids. All overbids will be taken into list based on the gross whole (without taking into list any brokerage fees).

The above is only meant as a simplification of a very complex procedure, and only an attorney can give proper advice. Facts that is more detailed can be found in Sections 6400-6413 of the California Probate Code.

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