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Probate Timeline Explained-Probate Real Estate Sacramento California - YouTube
Channel: Julee Patterson Gateway Properties
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- Are you curious what a
probate timeline looks like?
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Well, that's what we're
talking about today.
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(upbeat music)
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Hi, I'm Julee Patterson,
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realtor and broker owner
of Gateway Properties.
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There are lots of steps
in the probate process,
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but the timeline can be broken
down into three main stages;
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petition for probate,
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administration of the estate,
and the closing of the estate.
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And the first stage is a
pre-petition for probate.
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This first stage takes place
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before your attorney has
filed the petition to probate.
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Until this first court hearing,
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there is no executor or personal
representative assigned,
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even if you're named so in the will.
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This means that no one
has the legal authority
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to take any action in
regards to the estate.
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This stage is when the decedent's
documents are gathered up
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and a petition needs to be filed.
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In most cases, you'll need a
copy of the death certificate,
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the original will, if
you have one available,
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and the formal petition forms
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that are prepared by your attorney.
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Typically, the court hearing
of the probate petition
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is scheduled for several
weeks or even months
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after the initial filing.
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And during that waiting period,
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there is no authority for
anyone to take any action
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with the decedent's estate.
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During that waiting period,
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there's no authority for
anyone to take action
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with the decedent's estate
such as distributing assets
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or even signing a listing
agreement with a realtor.
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However, you can ensure to
be maintaining the property
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and selecting your probate
agent during this time.
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If you have circumstances
that won't allow you
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to wait several weeks or months
for the scheduled hearing,
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you can ask your probate attorney
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to file an emergency ex
parte hearing to ask that
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you be named the personal
representative immediately.
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This request may not always be granted,
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but if you have extenuating circumstances,
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it definitely might be worth a try,
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especially if the special circumstances
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are surrounding the property,
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like an upcoming foreclosure date.
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Second stage, administration
of the estate.
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After the first probate hearing,
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the court will grant
letters of administration
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if there is no will,
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or letters of a testamentary
if there is a will.
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These letters grant the
personal representative, the PR,
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the authority to conduct
business for the estate.
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During this phase, the
affairs of the decedent
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will be conducted in order
to settle the estate.
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These include things like
paying the estate debts,
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filing the final tax
return, selling property,
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and distributing proceeds
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according to the terms of the will.
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The decedent's debts and credits,
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things like insurance policy payments
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generally go through the estate account.
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Your attorney will advise you
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on the best way to handle these practices.
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To ensure that all of the
decedent's debts and assets
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are accounted for,
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you'll need to do a formal
inventory of the estate.
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This includes everything
from property, heirlooms,
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jewelry, bank accounts, stocks, bonds,
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insurance policies, everything.
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This needs to be done using official forms
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of the official inventory
form from the court.
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Your attorney can advise you
on the best practices for this
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but this is a very, very
important documentation,
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as this inventory will become
a key record for the courts
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to make sure everything has
been properly accounted for.
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Of course, selling the inherited property
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is the biggest undertaking
during this stage.
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There are different processes
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depending on what administration
rights have been granted
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to the PR and if the court
confirmation is required or not.
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When a personal representative is granted
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independent administration
rights for the sale,
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isn't much different than a typical sale.
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The contract and disclosures
look a little bit different
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but the process itself is very comparable
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to a traditional real estate transaction.
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If dependent administration
rights are in place,
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the court confirmation is
necessary to close escrow.
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At the court hearing, your
attorney will present an offer
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that's been accepted,
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but the court will not
automatically accept that offer.
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In order to guarantee
that the property sells
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for the highest amount possible,
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the court opens up the overbid process.
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This process is kind of
similar to an auction
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and it can be quite
intimidating for some people.
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It's best to have a very experienced
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probate real estate agent
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working with you in these situations.
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The court starts the bidding process
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at a percentage above the presented offer,
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and then they will accept the best offer
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and confirm the sale right
there at the hearing.
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The funds from the sale
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are deposited into the estate account
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and your attorney will advise
you on this process as well.
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Typically, the funds are
then used to pay things like
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debts and taxes and the
claims to the creditors
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that may arise from the previous stage.
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At the final stage, closing the estate.
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After the debts have been
paid, the house has been sold,
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and all of the personal
property has been taken care of,
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a final accounting can be done
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and it's time to officially
close the estate.
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The final accounting is a detailed report
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that will show the
evidence and documentation
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of all of the legal and
financial transactions
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that took place during the
administration of the estate.
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This report will include
the formal inventory,
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the evidence of debts paid,
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and the settlement statement
from the house sale.
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Your probate attorney and real
estate agent can assist you
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in gathering all of the
necessary documentation.
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Your attorney will then file an affidavit
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requesting that the probate be closed.
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The courts will review
all the documentation
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and if your estate accounting checks out,
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the court will grant a probate closure.
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At that time, the estate funds
are used to pay court costs
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and attorneys fees,
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and what's left will be
distributed to the beneficiaries.
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Many of the fees and costs can be avoided
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with proper preparation.
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That's why it's so important
to have a living trust.
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If you've inherited assets
from this probate process,
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I highly recommend you meet
with a financial planner
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and talk to your attorney
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about preparing a trust on your behalf.
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If you can save your loved
ones from extending the grief
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of their loss and compounding
the stress and anguish
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that's often accompanied with
probate by doing a trust,
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you absolutely should.
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We have prepared some excellent resources
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for you to download,
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and in the other videos, goes
into a little bit more detail
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about the average probate
timeline here in California.
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We have a link in the description
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to download your own copy of
a typical probate timeline
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that can visually help you
break down the process.
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If you wanna speak to me directly,
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don't hesitate to reach out.
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My contact information is
also in the description.
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So please be sure to
subscribe to our channel
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and check out our other
videos on this topic.
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We have lots of great
information available.
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Thanks so much for watching.
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And of course, keep in
mind, we're not lawyers,
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and this information is not
a source of legal advice.
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We're just here giving
out some information.
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If you have specific legal questions,
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it's best to talk to your attorney.
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Have a great day.
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(upbeat music)
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