Property appraised at less than $150,000 is collected and transferred by court order. A petition is prepared, a hearing date is scheduled and heirs are notified. The client will have legal representation at the hearing. After the hearing the court order is filed with the county recorder. The filed court order allows for a subsequent quit claim deed to change ownership on the public record. The quit claim deed transfers real property from the decedent to the heirs.
Real property held in joint tenancy or a revocable trust is not included in the value of a probate estate. Succession or small estate affidavit are good tools to pick up the lots of land, timeshares, vacation homes, and houses in rural areas that were omitted or overlooked in the decedent’s estate planning.
“We do it all…”
- Prepare Affidavit Form DE-305 (Attach Will and Death Certificate)
- Obtain Appraisal from probate referee, (court does not appoint) http://www.probatereferees.org
- Attach Inventory and Appraisal Form DE-160
- Prepare transfer Deed
- Client signs DE-305 declaration and transfer deed
- File Affidavit and supporting documents with Clerk of the Court
- Receive Certified Copy of Affidavit from the Clerk
- File Affidavit with County Recorder
- File Deed with County Recorder
- Receive Affidavit and Deed from Recorder
- Send Affidavit and Deed to client
- Probate estate is less than $50,000
- At least six months have passed from date of death
- There is no other probate action
- All debts of the decedent have been paid
- Affidavit Re Real Property of Small Value
- A certified copy of the decedent’s death certificate
- A copy of the decedent’s will (if there is one)
- An inventory and appraisal of the decedent’s timeshares in California. (The appraisal must be by a probate referee appointed by the state controller in the county where the decedent’s property is located.)
Compare to Large Estate Probate Administration
Large estate probate administration is the process of after death collection and transfer of assets and payment of debts under the supervision of the Superior Court of California Probate Department. Property owned by the deceased and appraised at more than $150,000 must be transferred by large estate probate administration.
Large estate probate administration requires court hearings; notice to heirs; notice to the public; notice to creditors; notice to state authorities; the collection and inventory assets; the appraisal of assets; accountings; letters of administration; and court orders to begin administration, act, approve and close the estate. Large estate probate administration takes about one year to complete and is open to the public.
Timeshare Resorts in California