When a person dies, the estate automatically goes to the named beneficiary in the will. However, there are times when the deceased didn’t even create a will, and your loved ones may need to undergo probate to know how your assets are passed on. The process in California can take a few months, depending on the complexity of the situation, or sometimes, it takes years before a resolution is reached.
Managing a decedent’s assets is called probate administration, and this process will often mean that the right people will receive a portion of the deceased’s assets. If you owe someone money, they are often paid before your beneficiaries will receive your assets. See info about an asset when you go to this page.
Sometimes, an individual is going to be required by the court to oversee the process, and this is often the executor. They are going to gather the needed documents to fulfill their duties, including ordering copies of the death certificate and canceling subscriptions. They also need to notify various governmental agencies like the tax board in California, and Social Security upon the death of the decedent.
An heir will be established, and this person is going to be in line to receive the assets. If there’s no will, the California intestate succession laws are going to be the ones to determine the will.
For real estate, it’s going to require probate to transfer the ownership of the house, unless there’s a valid joint tenancy with the right of survivorship stipulation. When there’s no will, you may need to hire an attorney to represent your interests, especially if someone in the family contests the validity of the document.
Learning More about the Process
A sole administrator is going to distribute multiple properties to the heirs, and the court is going to handle everything according to the laws in California. For multiple business establishments or residential homes, each one of them will be evaluated, and the court will determine how each is going to be handled.
It’s going to be a lengthy process if these buildings are located in different countries since there will be separate proceedings that will be required. The executor will need to identify the decedent’s current real estate holdings, visit them to avoid unauthorized use, and determine a fair market value for each of them. If needed, they may hire professionals to appraise the value of the house, so it would help with the taxes.
The Impact of Multiple Properties on Probate Duration
Straightforward cases often involve a single property where a rightful heir is going to inherit it after the process is finished. However, this is going to be complicated if it involves multiple houses where there should be the question of selling the homes and distributing the proceeds to the beneficiaries. If you’re in this situation, it’s best to have probate representation in Sonoma County, CA, like the Law Office of Andrew Kern to help you out with these complexities.
Since each of these homes will undergo clearing of titles and expert appraisals, you’ll need a lawyer to handle all of these on your behalf. Real estate transactions can take a lot of time, and tenants should be notified whether their lease agreements will be renewed by the new owner or not.
Any contested case is going to further complicate these matters, especially if multiple heirs are going to agree on how the houses will be distributed. Any mediation that’s required can add to the delays, but the probate court will often make sure that these disputes are resolved when they’re handling them.
Avoiding Probate Through Estate Planning
Many owners should consider seriously planning how their estate would be distributed to avoid probate. They can consult a lawyer on how to set up a living trust that will allow the direct transfer of the title of a property to the heirs without undergoing probate. It’s also going to speed up everything, and the family can save a lot when there are no conflicts among the beneficiaries.
Joint tenancy with the right of survivorship is another option that’s common among spouses. The wife may take over the property when the husband dies, and this is going to result in a more seamless transfer. The surviving spouse should make sure that they have a will so they can pass on the property to their child or a guardian when something happens to them.
Handling Mortgages and Liabilities
Executors must also address the property’s outstanding debts in the home as lenders may often require the payments to continue during probate. If there are no liquid funds, selling the home might be an alternative to cover the debt. When the family members wish to keep a home, they might need to refinance this, unless the owner has purchased a mortgage protection insurance that will pay directly the balance of the home after his death.
An unpaid debt will also take priority over the money’s distribution to the heirs. They need to submit a claim against the deceased’s estate, and if proven to be valid, the owed amount will be settled first. The executors are going to carefully manage the finances until all of the obligations are met before transferring anything to the heirs. Read post about an executor in this web address: https://www.ecfr.gov/current/title-26/chapter-I/subchapter-B/part-20/subject-group-ECFRe53a73dfaf5893b/section-20.2203-1.
Special Considerations for Out-of-State Homes
When the house is outside of California, there might be a need for ancillary probate, which is an additional proceeding that’s initiated in the state where the property is located. It’s going to add another layer of complexity to the entire process, and this is where you may need to work with multiple attorneys to settle everything.
Commercial buildings are unique in their way because there’s a need to transfer business interests and the liquidation of the assets. When the deceased is the sole owner, the probate will be the one to determine how the business operations are handled during the settlement period. Also, the executors will need to do their best to maintain the property’s value while transferring the ownership of the property.
