Probate Real Estate California

You’ve Inherited A House…Are You Ready For What’s Next?

Many people find themselves with a house after the death of a family member. While this works out for some people, many are not prepared for the arduous task of taking on someone else’s home. The decision of whether to keep or sell the home could be laden with fear, obligation and extreme emotion. The best way to make a decision on what to do with the home you just inherited is to try to take the emotion out of the decision. Apply a business sense to the decision. Ask yourself a few questions such as:

1. How much is owed on the home?

2. Can I afford the upkeep of the home?

3. Are there any back taxes due, HOA fees, etc?

4. How close do I live to the home? Would it be practical for me to keep an eye on the home?

5. Has the home has fallen into disrepair and can I afford the repairs?

Once you have tackled a few of these questions from a basic business standpoint, you will have a clearer picture on what you should do with the home you just inherited. Should you decide that it is best to sell the home that you’ve inherited, it is wise to seek the professional advice of a local licensed real estate agent.

Is It Time To Encourage Your Parents To Do Some Estate Planning?

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What happens once your parents get older and it is time to have the “get your affairs in order” conversation? This can be an extremely uncomfortable topic to approach, but there are a few things you should know.

1. Let your parents know that you have done your will and encourage them to take care of theirs. Of course, this means you really have to complete yours.

2. Have your parents make a list of all their property and accounts

3. Make sure that your parents know that you are asking them to do this because it is in their best interest

4. A little estate planning today could save the estate from costly probate proceedings later regarding real estate and other assets.

Keisha Hosea is a local Market Expert and Chino Hills Realtor with Keller Williams Realty. She is the Team Director and CEO of KASI Homes. Keisha Hosea and the KASI Homes team offer help to home buyers and home sellers in the Inland Empire, including Chino Hills homes, Fontana homes, Diamond Bar homes, Chino homes, Ontario homes, Riverside homes, Pomona homes. With a Master of Arts Degree in Marriage, Family and Child Counseling, Keisha has worked extensively with families in transition such as divorcing couples selling homes and probate real estate. KASI Homes has helped couples in the midst of divorce along with estates selling a probate home. KASI Homes is the place where you find Real Estate Solutions for Real People. For more information call direct at (909) 261-6377. Visit the website at http://KASIHomes.com

Disclaimer-All information contained herein is deemed reliable but not guaranteed. You are advised to consult a reputable attorney for all legal advice or a reputable tax advisor.

What Steve Jobs Knew About A Trust That You Should Know Too

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The sad passing of an intellectual genius such as Steve Jobs leaves people with lingering thoughts as they ponder their own immortality. In 2009, Apple co-founder Steve Jobs and his wife placed at least three properties into trusts. A trust is an arrangement under which one person (the trustee) holds legal title to property for another person (the beneficiary). The act of placing the properties in trust may have been his way to ensure that his assets were not disclosed upon his death.The advantages of placing stock and real estate into trusts can be to minimize estate taxes upon a person’s death, and keep assets from being publicly disclosed in probate court. While most of us do not quite have the type of holdings that Steve Jobs had, many of us would rather that our assets remain a private affair upon our passing. Even if we don’t have huge holdings in Apple stock or Disney shares as the late Steve Jobs held, it is important to provide as much protection as possible.

Real estate transfers in California are recorded in county records. According to California law, wills must be filed in court within 30 days of a person’s death. Once assets such as real estate are placed in trusts, a person can write their will to say that everything is left to the trustee, she said. The assets would be then administered according to the trust rules, which are almost always private.

In 2007, a study by Harris Interactive for Martindale-Hubbell revealed that 55% of adult Americans do not have a will. This means that when these individuals die, the estate must go through probate. Probate is a Superior Court procedure to determine a will’s validity and any creditor’s claims. Probate also establishes the identity of the beneficiaries.

Undeniably, Steve Jobs was a genius in his own right. He was far ahead of his time and made some pretty smart moves in his lifetime. Steve Jobs obviously recognized that with the kind of wealth he had attained, he certainly did not want his entire estate to go through probate if he could help it.

Disclaimer-All information contained herein is deemed reliable but not guaranteed. You are advised to consult a reputable attorney for all legal advice or a reputable tax advisor.

What Are The Limits for Small Estate Probate Procedures in California?

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Effective January 1, 2012, the limit for small estates in California has been increased from $100,000 to $150,000 in California. Therefore, property valued at not more than $150,000 that would normally need to go through probate can be collected by inheritors through simplified probate procedures or by using an affidavit (sworn statement) to collect it without any court proceedings. The limit for transferring real estate of small value (property valued up to $50,000) can be transferred to inheritors by filing an affidavit in superior court. Also effective January 1, 2012, a surviving spouse can use an affidavit to collect up to $15,000 in salary owed to the decreased spouse.

How Do I Sell A Probate Home?

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Seeking out professionals with adequate knowledge of probate and real estate is crucial when determining how to sell probate real estate. It is important to work with professionals who understand what you are going through emotionally and what your business needs are.

Assuming that you have already filed the petition for probate, the Superior Court will issue the type of authority granted to the executor. “Limited authority” means the executor must have court supervision for selling real estate of the estate and other acts. “Full Authority” means the executor is allowed to sell the estate property without going through court confirmation. The next thing is to make sure you are issued Letters Testamentary. Letters Testamentary are necessary because these are the documents that allow the title company to accept the signature of the executor to transfer title to the new buyer. Your real estate professional should be well versed on court procedure so that they understand the flow and that they also understand the current real estate market.

What is Probate and How Is The Realtors Commission Set During Probate?

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What is Probate and How Is The Realtors Commission Set During Probate?

Probate is a Superior Court procedure to determine a will’s validity and any creditor’s claims. Probate also establishes the identity of the beneficiaries. If the validity of a will is in question, then after a person dies, an administrator or administratrix is appointed by the court. The administrator of administratrix is appointed by the court to take possession of the property until probate is finalized. If the will has appointed a particular custodian, then that person is known as the executor or executrix. The real estate commission for a property that is in probate is set by a court order.

Experiencing the death of a loved one can be a difficult and trying time. Family squabbles and court issues serve to further create an intense span of emotions. Having a professional that you can trust and who understands your issues can make a huge difference in smoothing out this transition in your life. Be sure that you have selected a Realtor that you feel can create this type of transition for you and your family.

Disclaimer-All information contained herein is deemed reliable but not guaranteed. You are advised to consult a reputable attorney for all legal advice or a reputable tax advisor.